The following information was obtained on FINRA’s website’s ‘Disciplinary Actions, February 2012.”
Charles Rainsford Marks Jr. (CRD #4727907, Registered Representative, South Jacksonville, Florida)
submitted a Letter of Acceptance, Waiver and Consent in which he was fined
$5,000 and suspended from association with any FINRA member in any capacity for 10 business days. The fine must be paid either immediately upon Marks’ 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 the findings, Marks consented to the described sanctions and to the entry of findings that he exercised discretion in the accounts of customers who had authorized him to use discretion, but without their written authorization and without his member firm’s acceptance, in writing or otherwise, of the accounts as being discretionary.
These findings stated that Marks exercised discretion in a customer’s accounts without written authorization by executing a number of trades without first contacting the customer and without his firm’s prior approval. The findings also stated that Marks exercised discretion in another customer’s accounts by selling shares in several mutual funds valued at approximately $10,000 and reinvesting the proceeds in various stocks, without the customer’s written authorization and without his firm’s prior approval. The suspension was in effect from December 19, 2011, through January 3, 2012.
(FINRA Case #2010021318501)
The information from FINRA’s website has ended.
Securities Lawyer, Lars K. Soreide, of Soreide Law Group, PLLC, has represented clients nationwide. For a free consultation with an attorney, please call 888-760-6552, or visit our website at:
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