FINRA recently announced that it has suspended North Miami Beach, Florida financial advisor Stephen Alan Jaffe from association with any FINRA member in any capacity for one month. Without admitting or denying the findings, Jaffe consented to the described sanction and to the entry of findings that he was the broker of record for a customer’s non-discretionary account at his FINRA member firm and exercised discretion in the customer’s account in multiple transactions without written authorization. The findings further stated that Jaffe completed annual certifications for his firm, in which he attested that he had not exercised full or partial trading authorizations over any client account without having obtained the required approvals.
Unless a brokerage account is specifically set up as discretionary (with agreements indicating that the client understands that the financial advisor has authority to direct the trading in the account), stockbrokers are required to speak to the client prior to every transaction. Failure to do so is a violation of FINRA rules.
According to his FINRA Broker Report, Stephen Alan Jaffe has been a financial advisor in South Florida (North Miami Beach and Aventura) for the following broker-dealers – Wells Fargo Advisors, LLC, UBS Financial Services, and Morgan Stanley DW, Inc.
If you have questions regarding investments you made with Stephen Alan Jaffe, or if you believe that you have been the victim of a securities fraud, The White Law Group may be able to help. The White Law Group is a national securities fraud, securities arbitration and investor protection law firm with offices in Chicago, Illinois and Boca Raton, Florida. The firm has over 30 years of experience reviewing securities fraud claims throughout the country and Florida, including reviewing securities fraud claims in North Miami Beach, Aventura, South Beach, Coral Gables, Coconut Grove, Hollywood, and Fort Lauderdale.
To contact the firm, please call 312-238-9650. Or, for more information on The White Law Group, please visit our website at http://www.whitesecuritieslaw.com.