The Fort Lauderdale-based Soreide Law Group has obtained the following summation of information from FINRA's Website under "Disciplinary and Other Actions, November 2014."
Herbert Leonard Kaye (CRD #265572, Delray Beach, Florida)
was assessed a deferred fine of $25,000, which includes disgorgement of $11,000 of commissions and was suspended by FINRA for four months for allegedly making discretionary trades in equities and ETFs in a client’s account without the client’s prior written authorization.
FINRA's findings stated that Kaye was given verbal authority by his client to use his discretion to enter trades in her account without contacting her. However, Kaye’s firm’s policies and procedures prohibited reps from exercising discretion in client accounts except in certain circumstances, but not in this particular client's account. These trades generated approximately $173,000 in gross commissions and fees for Kaye.
Also FINRA's findings stated that Kaye made unsuitable recommendations that his client invest $1.1 million in gold and precious minerals fund. This was determined not to be a suitable investment due to her low risk tolerance objective and her age. Kaye also received $11,000 in commission for that investment.
Kaye's suspension is in effect from September 15, 2014, through January 14, 2015.
(FINRA Case #2013037287401)
Herbert Leonard Kaye is not currently registered with any securities firm.
Herbert Leonard Kaye was previously registered with the following securities firm(s):
05/2008 - 06/2013 FIRST ALLIED SECURITIES, INC. (CRD# 32444) - BOCA RATON, FL
03/1991 - 05/2008 FFP SECURITIES, INC. (CRD# 16337) - DELRAY BEACH, FL
05/1989 - 02/1991 CORPORATE SECURITIES GROUP, INC. (CRD# 11025) - ST. LOUIS, MO
09/1986 - 07/1988 RAYMOND JAMES & ASSOCIATES, INC. (CRD# 705)
08/1986 - 09/1986 BISCAYNE SECURITIES CORPORATION (CRD# 17764)
03/1985 - 08/1986 MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED (CRD# 7691)
02/1981 - 03/1985 PRUDENTIAL-BACHE SECURITIES INC. (CRD# 7471)
10/1978 - 03/1981 E. F. HUTTON & COMPANY INC (CRD# 235)
11/1977 - 11/1978 SHEARSON LOEB RHOADES INC. (CRD# 7506)
11/1977 - 11/1977 SHEARSON HAYDEN STONE INC. (CRD# 7295)
01/1977 - 10/1977 LOEB RHOADES & CO. INC. (CRD# 7502)
03/1974 - 01/1977 LOEB, RHOADES & CO. INC. (CRD# 525)
05/1972 - 07/1973 ECONOMIC RESEARCH ANALYSIS INC (CRD# 1000003)
02/1970 - 05/1972 THOMSON MCKINNON SECURITIES INC. (CRD# 829)
FINRA's information ends here.
The Soreide Law Group can be reached (888) 760-6552. Soreide Law Group is located in Fort Lauderdale, Florida and represents our clients nationwide before FINRA. Call for a free consultation with an attorney on how to potentially recover your investment losses.
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