TAG | failure to pay customer by broker
Comments off · Posted by Securities Lawyer in FINRA
Milton Charles Ault III (CRD #2157788, Registered Principal, Fountain Valley, California)
was fined $75,000, he was suspended from association with any FINRA member in any capacity for two years and Ault was ordered to pay $312,916.06, plus interest, in restitution to investors. This fine must be paid either immediately upon Ault’s reassociation with a FINRA member firm following his suspension, or prior to the filing of any application or request for relief from any statutory disqualification, whichever is earlier.
Without admitting or denying FINRA’s findings, Ault consented to the described sanctions and to the entry of findings that he effected transactions in customer accounts (and also the relatives of two of the customers) without the customers’ prior knowledge, authorization or consent.
FINRA’s findings stated that Ault failed to remit payment for a securities transaction to a customer and failed to deliver securities to the customer.
Milton Charles Ault’s suspension is in effect from May 7, 2012, through May 6, 2014.
(FINRA Case #2008016157101)
Securities Lawyer, Lars K. Soreide, of Soreide Law Group, PLLC, has represented many clients nationwide. If you or a family member sustained investment losses due to your stock broker or financial advisor’s recommendations, call for a free consultation on how to potentially recover your losses. To speak with an attorney call 888-760-6552, or visit our website at: http://www.securitieslawyer.com.
Soreide Law Group, PLLC., representing investors nationwide before FINRA the Financial Industry Regulatory Authority.
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