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
MAR 17, 2016
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.

Latest News

Slow is smooth, smooth is fast
Slow is smooth, smooth is fast

Chasing productivity is one thing, but when you're cutting corners, missing details, and making mistakes, it's time to take a step back.

Edward Jones layoffs about to hit employees, home office staff
Edward Jones layoffs about to hit employees, home office staff

It is not clear how many employees will be affected, but none of the private partnership’s 20,000 financial advisors will see their jobs at risk.

CFP Board hails record July exam turnout with 3,214 test-takers
CFP Board hails record July exam turnout with 3,214 test-takers

The historic summer sitting saw a roughly two-thirds pass rate, with most CFP hopefuls falling in the under-40 age group.

Founder of water vending machine company, portfolio manager, charged in $275M Ponzi scheme
Founder of water vending machine company, portfolio manager, charged in $275M Ponzi scheme

"The greed and deception of this Ponzi scheme has resulted in the same way they have throughout history," said Daniel Brubaker, U.S. Postal Inspection Service inspector in charge.

Advisor moves: Raymond James, Wells Fargo reel in billion dollar-plus advisor teams
Advisor moves: Raymond James, Wells Fargo reel in billion dollar-plus advisor teams

Elsewhere, an advisor formerly with a Commonwealth affiliate firm is launching her own independent practice with an Osaic OSJ.

SPONSORED Delivering family office services critical to advisor success

Stan Gregor, Chairman & CEO of Summit Financial Holdings, explores how RIAs can meet growing demand for family office-style services among mass affluent clients through tax-first planning, technology, and collaboration—positioning firms for long-term success

SPONSORED Passing on more than wealth: why purpose should be part of every estate plan

Chris Vizzi, Co-Founder & Partner of South Coast Investment Advisors, LLC, shares how 2025 estate tax changes—$13.99M per person—offer more than tax savings. Learn how to pass on purpose, values, and vision to unite generations and give wealth lasting meaning