Articles Tagged with Unauthorized Trading

According to Advisor Hub, “Joseph Woitkoski, who was terminated by Raymond James Associates in 2018 after 20 years as a registered rep, was suspended for 30 days and fined $7,500 for allegedly making discretionary trades for 12 customers without their written authorizations, according to an acceptance, waiver and consent letter that Finra accepted on August 20.” Miller Stern Lawyers, LLC – 410-Law-Firm is currently investigating claims and allegations of brokers making discretionary non-authorized trades in clients accounts at brokerages such as Stifel, Morgan Stanley, Wells Fargo and others.  If you or someone you know are victims of losses in your accounts because of unauthorized discretionary trades, please call for a free evaluation.

Finra has imposed the sanctions even though “over the course of longstanding relationships, the customers gave authorization to Woitkoski to exercise discretion in their accounts,” according to the letter that the Massachusetts-based former broker signed without admitting or denying the findings. This often occurs in elderly clients, with issues such as elder abuse.  Eight of the 12 customers were “seniors,” according to Finra.

“In addition to failing to get permission from customers in writing, Woitkoski never requested or obtained approval from Raymond James. The firm maintained inaccurate books and records because the broker attested in a 2017 compliance questionnaire that he did not exercise discretion in non-fee based accounts, according to the consent letter.” according to Advisor Hub