Finra charges former broker with improperly trading customers accounts
David Randall Lockey, who had worked for SWS Financial Services, now known as Hilltop Securities Independent Network, is named in the complaint
Former broker David Randall Lockey was charged by the Financial Industry Regulatory Authority Inc. with profiting from the improper trading of customer accounts for almost two years.
Mr. Lockey “engaged in unsuitable short-term trading and switching in” mutual funds and unit investment trusts in four accounts from May 2012 to March 2014 while associated with SWS Financial Services Inc., now known as Hilltop Securities Independent Network Inc., Finra’s Department of Enforcement charged in a complaint dated March 30.
Mr. Lockey’s improper trading activities generated gross compensation of about $75,730 for himself and SWS while three of the four customers — a social worker, a bookkeeper for family-owned business and a commercial delivery services driver — had total losses of $15,699, the document shows. The fourth, a retired engineer, had a “small gain” of $4,948.
Mr. Lockey hasn’t been a registered representative with any brokerage firm since April 2014, according to the Finra document.
Ben Brooks, a spokesman for Hilltop Securities, didn’t immediately provide comment. Mr. Lockey didn’t immediately return a phone call and email seeking comment.
Learn more about reprints and licensing for this article.
