South Florida Arbitration & Litigation Lawyer Blog
Unauthorized Discretion – Time and Price Discretion FINRA Arbitration and Securities Arbitration Lawyer, Russell L. Forkey, Esq.
January, 2010:
Jessie Everett Airington (CRD #2097, Registered Principal, Dallas, Texas) submitted a Letter of Acceptance, Waiver and Consent in which he was fined $5,000 and suspended from association with any FINRA member in any capacity for 10 business days. Without admitting or denying the findings, Airington consented to the described sanctions and to the entry of findings that he executed transactions in a public customer’s account using time and price discretion that the customer had previously verbally granted him, without reconfirming with the customer his desire to execute the transactions. The findings stated that Airington executed the transactions without the customer’s prior written authorization and without his member firm’s acceptance of the account as discretionary. The suspension was in effect from December 7, 2009, through December 18, 2009. (FNRA Case #2008015428301).