According to a FINRA disciplinary action announcement, William Bradford Coolidge (CRD #1636957, Registered Representative, Cordova, Tennessee) 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, 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. The findings 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 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, Coolidge’s recommendations were not suitable and were inconsistent with their account objectives. The elderly customers incurred losses totaling $195,127.37 and paid commissions totaling $168,091.21.
Full the full findings, see FINRA Case #2012032916701.
According to his FINRA Broker Report, Coolidge was registered with Stifel, Nicolaus & Company from March 2008 through June 2012 and Wachovia Securities from October 2000 through March 2008.
The foregoing information, which is all publicly available on FINRA’s website, is being provided by The White Law Group. The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Franklin, Tennessee.
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