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

Dump investment banks, buy alternative asset managers, says Oppenheimer
Dump investment banks, buy alternative asset managers, says Oppenheimer

"Shares of alternative assets managers have lagged this year as investors grow wary of private-credit exposure."

Carson Group deepens Colorado presence with Arvada advisor deal
Carson Group deepens Colorado presence with Arvada advisor deal

The Omaha, Nebraska-based RIA's latest acquisition expands its Rocky Mountain footprint after two prior Colorado deals last year.

Slow advisor transitions are costing RIA firms money and talent, and the industry is starting to act
Slow advisor transitions are costing RIA firms money and talent, and the industry is starting to act

Operational drag between an advisor signing and accounts going live is emerging as a competitive liability for wealth management firms.

M&A on course for second-highest year ever as megadeals surge and AI complicates the deal equation
M&A on course for second-highest year ever as megadeals surge and AI complicates the deal equation

Bain says companies face a "winner's paradox" as AI transformation collides with complex integrations.

Rumor confirmed: Corient expands with European acquisition
Rumor confirmed: Corient expands with European acquisition

Deal lifts global assets to roughly $523 billion under management.

SPONSORED Who builds the income when the pension disappears?

Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income

SPONSORED Why direct indexing stopped being optional

Direct indexing is on pace to outgrow ETFs and mutual funds. Northern Trust's Ken Lassner explains why the advisors who get it wish they had started sooner.