South Florida Arbitration & Litigation Lawyer Blog
FINRA Securities Fraud, Mismanagement and Misrepresentation Attorney, Russell L. Forkey, Esq.
May, 2011
Ryan Seth Sackstein (CRD #4304667, Registered Representative, Hewlett, New York formerly licensed with Investors Capital Corporation) was barred from association with any FINRA member in any capacity. The sanction was based on findings that Sackstein requested a customer sign a written agreement, drafted on his member firm’s letterhead, authorizing Sackstein to exercise discretion in sales transactions in an account, contrary to his member firm’s policies and procedures prohibiting commission-based discretionary accounts, absent exceptional circumstances. The findings stated that Sackstein did not notify his firm of the agreement nor obtain firm approval to exercise discretion in the customer’s account. The findings also stated that despite the customer’s request to stop trading in his account, Sackstein executed unauthorized trades in the customer’s accounts until the customer contacted Sackstein’s firm, requesting that trading be halted and Sackstein be removed as his assigned registered representative. The findings also included that Sackstein failed to testify at a FINRA on-the-record interview. (FINRA Case #2008015914601)
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