The Financial Industry Regulatory Authority imposed penalties on a former broker for Merrill Lynch in a matter involving unauthorized trading, reports Advisor Hub.
FINRA disclosed sanctions of a $5,000 fine and a 20-day suspension against Anthony J. Seifert of South Carolina. The authority said that from January 2021to March 2022, Seifert placed about 400 trades in the brokerage accounts of five customers without their authorization or that of Merrill Lynch.
According to a letter of acceptance, waiver and consent, the customers had knowingly permitted Seifert to take discretion, but not in writing, He was found to be in violation of rules requiring written client and firm approvals as well as FINRA Rule 2010 requiring members to observe high standards of commercial honor and just and equitable principles of trade.
Seifert did not admit or deny the allegations but accepted the findings and penalties by FINRA. The settlement letter went on to note that Seifert was fired by Merrill Lynch in 2022 after six years with the firm over related allegations as well as using a personal device for business communications. Merrill’s termination notice led to the subsequent investigation by FINRA.
Neither Seifert nor his lawyer, Brian J. Neville of Lax & Neville in New York, responded to requests for comment. Merrill Lynch also did not respond to a request for comment.
The attorneys at Hyman Cotter PC have decades of experience dealing with securities fraud cases and have a deep understanding of how capital markets and financial service firms are intended to work to protect investors. If you think your financial professional or firm engaged in misconduct that caused you investment losses, contact Hyman Cotter PC at 312-291-4600 or through our online contact form for a no-cost evaluation of your matter.
