The Financial Industry Regulatory Authority (FINRA) accused a New York broker with K. C. Ward Financial of Long Island, with charging a 72-year-old retiree $376,000 in fees and commissions after allegedly making repeated unauthorized trades of her Colgate-Palmolive Co. stock.
According to FINRA’s complaint, the client was employed at Colgate-Palmolive for 28 years and held over 7,500 shares of their stock. Dima's trades additionally cost his client $127,000 in lost dividend payments she would have earned if Craig Dima had held her stock as she asked, and $72,000 in losses from three unauthorized trades when Dima sold her Colgate-Palmolive stock and then repurchased it at a higher price.
This client's account was the largest account that Dima managed. According to the FINRA complaint he made nearly 80 percent of his commissions from trades this client’s account.
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