According to a FINRA disciplinary action announcement, Berle Lorenzo Stocks (CRD #1513263, Charlotte, North Carolina) recently 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, Stocks consented to the sanction and to the entry of findings that he placed securities transactions in a customer’s account without obtaining the customer’s authorization for the trades. The findings stated that while exercising control over the customer’s account, and while acting with the requisite scienter, Stocks excessively and unsuitably traded and churned the customer’s account in a manner that was inconsistent with the customer’s investment objectives, financial situation and needs. Stocks’ improper trading activity resulted in losses of approximately $75,000 and generated total commissions of approximately $110,000. As a result of Stocks’ conduct, he willfully violated Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder.
For the full findings, see FINRA Case #2012033141501.
According to his FINRA Broker Report, Stocks was registered with Genworth Financial Securities Corporation from August 2005 through June 2012.
The foregoing information, which is all publicly available on FINRA’s website, is being provided by The White Law Group.
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