FINRA recently announced that William Bradford Coolidge (CRD #1636957, Registered Representative, Cordova, Tennessee) has been barred from association with any FINRA member in any capacity.
According to the FINRA notice, without admitting or denying the findings, Coolidge consented to the described sanction and to the entry of findings that he effected trades in elderly customers’ accounts without obtaining the customers’ prior written authorization and without his member firm’s acceptance of the accounts as discretionary.
FINRA’s findings further stated that Coolidge implemented a trading strategy in elderly customers’ Individual Retirement Accounts (IRAs) and individual accounts to switch mutual funds and unit investment trusts (UITs) to other mutual funds or UITs after holding the investments for a short time period. For one of these customers, in the customer’s IRA account, Coolidge purportedly effected mutual fund and UIT purchases and sales in the account after holding the investments for a short time period. Given the customers’ age, investment objectives, and risk profile or annual income, FINRA determined that Coolidge’s recommendations were not suitable and were inconsistent with their account objectives. The elderly customers allegedly incurred losses totaling $195,127.37 and paid commissions totaling $168,091.21.
For the full FINRA findings see FINRA Case #2012032916701.
The White Law Group is investigating the liability that Coolidge’s FINRA employers may have for his actions. When a FINRA registered financial advisor violates securities industry rules and standards, his or her employer may be held liable for failure to properly supervise the actions of their agent.
According to Coolidge’s FINRA BrokerReport, he was registered with Stifel, Nicolaus & Company from March 2008 through June 2012 and Wachovia Securities from June 2002 through March 2008.
If you suffered losses investing with William Bradford Coolidge and would like to discuss your litigation options, please call the securities attorneys of The White Law Group at 312/238-9650 for a free consultation.
For more information on The White Law Group, visit http://www.whitesecuritieslaw.com.