Finra fines former broker $5,000 for trading in deceased clients' accounts

Finra fines former broker $5,000 for trading in deceased clients' accounts
Steve Baptist has also been suspended for 30 days and was ordered to disgorge commissions.
AUG 09, 2019

The Financial Industry Regulatory Authority Inc. has fined former broker Steve Baptist $5,000 and suspended him for 30 days for making six unauthorized trades in the accounts of two customers who were deceased at the time of the trades. (More: Finra suspends ex-Morgan Stanley broker who made hundreds of CD trades for elderly client) Finra has also ordered Mr. Baptist to disgorge $530 in commissions, which he received from trading securities in one of the deceased customer's account. His employer at the time, Joseph Gunnar & Co., repaid the estate of the other client for losses resulting from the unauthorized trading from commissions withheld from Mr. Baptist after his termination. (More: Finra fines, suspends ex-Merrill Lynch broker over loans from clients) Joseph Gunnar discharged Mr. Baptist in May 2018. He is currently registered through PHX Financial. [Recommended Video: Advisers demanding help to improve the client experience]

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