Alan Jay Davidofsky (CRD #1389312, Registered Representative, Delray Beach, Florida)
has been fined by FINRA in the amount of $11,741.78, which represents disgorgement, and he has been barred from association with any FINRA member in any capacity.
These sanctions were based on the findings that Davidofsky made unauthorized transactions in his customer’s account, controlled the customer’s Individual Retirement Account (IRA), and made excessive number of trades in the account. This was inconsistent with the customer’s financial circumstances and investment objectives.
FINRA's findings stated that Davidofsky implemented this high level of trading to benefit himself, not his customer. Davidofsky had lost accounts and was under increasing financial pressure to increase his numbers to meet his member firm’s expectations.
The findings also stated that Davidofsky excessively traded the customer’s account deliberately, thereby churning her account.
The decision has been appealed to the NAC, and the sanctions are not in effect pending the appeal.
(NRA Case #2008015934801)
This information was obtained on FINRA's website,"Disciplinary and Other Actions, June, 2012."
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