Robert Todd Clark – Moors & Cabot – Boston, MA
According to the Financial Industry Regulatory Authority (FINRA) on September 24, 2018, the regulator has barred financial advisor Robert Todd Clark from associating with any FINRA member in any capacity.
In 2018, FINRA reportedly began investigating allegations that Clark withdrew money, without customer authorization, from a customer’s brokerage account for which he was the trustee, and then used the money for his own purposes.
According to the Letter of Acceptance, Waiver and Consent, Clark indicated that he would not appear for on-the-record testimony, and consequently has been barred from working in the securities industry.
According to Clark’s FINRA BrokerCheck report, he was registered with Moors & Cabot in Boston, MA from May 2013 until he was fired in July 2018 because he “Violated firm policy by failing to obtain prior approval for an alleged loan the representative received from a customer.”
Prior to that, he was registered with Morgan Stanley in the Boston, MA office from June 2009 until he was discharged in June 2013 for “Concerns regarding use of discretion in multiple client accounts.”
Robert Todd Clark has 3 settled customer disputes listed on his broker report. Allegations include unauthorized trading and breach of fiduciary duty.
For FINRA’s full findings see FINRA case NO. 2018057361101.
Failure to Supervise
The White Law Group is investigating potential claims regarding the liability that his former employers may have for failure to properly supervise Robert Todd Clark.
When brokers abuse client accounts and conduct transactions that violate securities laws, the brokerage firm they are working with may be liable for investment losses through FINRA Arbitration.
Brokerage firms that fail to monitor the business activities of their employees may be liable for investment losses due to negligent supervision for the misconduct of their employees.
If you suffered losses investing with Robert Todd Clark, the securities attorneys of The White Law Group may be able to help. For a free consultation with a securities attorney, please call 888-637-5510.
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.
For more information on The White Law Group, visit www.WhiteSecuritiesLaw.com.