FINRA Securities Fraud and Misrepresentation Arbitration Attorney, Russell L. Forkey, Esq.
Nathan Mark Spiegel (CRD #4823748, Registered Representative, Ankeny, Iowa, formerly licensed with Edward Jones) submitted a Letter of Acceptance, Waiver and Consent in which he was barred from association with any FINRA member in any capacity. Without admitting or denying the findings, Spiegel consented to the described sanction and to the entry of findings that he executed mutual fund and equity transactions in customers’ accounts without their knowledge or authorization. The findings stated that Spiegel executed the equity transactions to generate commission revenue for himself and not to benefit the customers. The findings also stated that Spiegel executed mutual fund and equity transactions in the customers’ accounts pursuant to their prior verbal grant of discretionary authority to Spiegel. The findings also included that the customers did not provide Spiegel with written documentation granting him the authority to execute transactions for their accounts without first obtaining their approval, and Spiegel’s member firm did not approve the accounts as discretionary. FINRA found that Spiegel executed transactions in some of the customers’ accounts to generate commission revenue for himself and not to benefit the customers. FINRA also found a customer verbally authorized Spiegel to accept investment instructions from a relative, but the customer did not execute any document granting trading authority to the relative and he did not have power-of-attorney for the account. In addition, FINRA determined that Spiegel executed equity and mutual fund transactions for the customer’s account pursuant to the relative’s instructions. (FINRA Case #2009018220501)
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