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Broker Barred for Unauthorized, Unsuitable Trading in Elderly Customer’s Account - FINRA
Craig David Dima, former registered rep with K.C. Ward Financial, agreed to be barred from the industry to settle FINRA charges that he made unauthorized and unsuitable trades totaling approximately $15 million in a 73-year-old retiree’s account, and then misrepresented the reasons for the trades to the customer.
According to FINRA findings, … on 11 occasions, Dima sold virtually all of the customer’s Colgate-Palmolive stock that she had accumulated over 28 years of employment at the company.
- The sales were made without customer permission.
- In fact, the customer had told Dima not to sell the stock, which she considered a valuable long-term investment and reliable source of dividends.
- After the sales, Dima said the sales were caused by a “computer glitch” or a technical error.
- With the unauthorized sales and subsequent repurchases of Colgate stock, Dima charged the customer more than $375,000 in mark-ups, mark-downs and fees and deprived, while depriving the customer of substantial dividends.
FINRA also found that Dima’s trading of the customer’s Colgate shares was unsuitable and violated FINRA rules prohibiting excessive mark-ups and mark-downs.
END NOTE: According to FINRA Brokercheck, Ronkonkoma, NY-based K.C. Ward Financial was not charged with any violations in this matter.
