Articles Tagged with Stockbroker Unsuitable Trading

Published on:

Akhil Morada a former registered stockbroker submitted a Letter of Acceptance, Waiver and Consent (AWC) in which Morada was assessed a deferred fine of $15,000, suspended by the Financial Industry Regulatory Authority (FINRA) for a period of 12 months, and ordered to pay $55,555.56, plus interest, in deferred restitution to customers.

Akhil Morada joined the firm E.J. Sterling in January 2014 as a General Securities Representative and was employed until April 2015. According to FINRA, during this time Mr. Morada engaged in quantitatively unsuitable trading in the accounts of three customers in violation of NASD Rule 2510(b) and FINRA Rules 2111 and 2010. The findings stated that Mr. Morada recommended the trading in the customers’ accounts and they gave him de facto control over the accounts. During this period, these accounts sustained a loss of $55,555.56. FINRA also accused Mr. Morada of exercising discretion in the three customers’ accounts without obtaining written authorization from both the customers and the firm’s acceptance in writing. Continue reading →