Jody Ethan Thompson of Seaford, New York submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) in which he allegedly exercised discretionary trading and made unsuitable recommendations in violation of NASD Rule 2510 and FINRA Rules 2111 and 2010.
From July 2015 to February 2019, Jody Ethan Thompson was registered with Alexander Capital as a General Securities Representative. According to the FINRA findings, Thompson made unsuitable recommendations to three different customers without understanding the potential risks and rewards of the various offerings. The findings stated that Thompson did not understand the restrictions on transfer and withdrawal of the investments, how the interest payments would be made to investors or the fee structure of the investments because he did not perform reasonable diligence. The FINRA findings also stated that Thompson allegedly exercised discretion by placing 40 trades in a customer’s account without written authorization from the customer or from Alexander Capital. Continue Reading