South Florida Arbitration & Litigation Lawyer Blog
April 2011 FINRA Associated Person Enforcement Action:
Mark David Kaufman (CRD #2774897, Registered Representative, Boca Raton, Florida formerly licensed with Jesup & Lamont Securities Corp. and Aura Financial Services) submitted a Letter of Acceptance, Waiver and Consent in which he was suspended from association with any FINRA member in any capacity for six months. In light of Kaufman’s financial status, no monetary sanctions have been imposed. Without admitting or denying the findings, Kaufman consented to the described sanction and to the entry of findings that while exercising control over a customer’s IRA, he excessively traded the account in a manner that was inconsistent with the customer’s investment objectives, financial situation and needs. The findings stated that Kaufman recommended transactions to the customer without having reasonable grounds for believing that such transactions were suitable for the customer. The findings also stated that Kaufman’s recommendations were unsuitable for the customer in light of the frequency of the transactions, the relatively large size of some of the positions in various equity securities, which caused her account to be over-concentrated, and the customer’s investment objectives, financial situation and needs. The findings also included that Kaufman’s trading resulted in losses of $93,352 in the customer’s IRA and generated gross commissions of approximately $41,583. The suspension is in effect from March 7, 2011, through September 6, 2011. (FINRA Case #2008013958501).
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