The Financial Industry Regulatory Authority on Friday sanctioned a registered representative from California for trading securities in an elderly customer's account without her consent and against his firm's policies, and lying about it to employers and FINRA. Without admitting or denying FINRA's allegations, the registered rep, Juan Jose Jimenez, consented to the entry of findings that he willfully violated FINRA Rules 1122 and 2010, and Article V, Section 2 of FINRA's bylaws, and agreed to be fined $10,000 and suspended for 120 days. While associated with Wells Fargo in Sacramento, Jimenez became the broker of record for a trust account for which the trustee was 84 years old. Without her authorization, he sold shares of a mutual find and a real estate investment trust, and used the proceeds to buy shares in a different mutual fund for which there was a sales charge, earning a $1,200 gross commission in the process. Wells Fargo required Jimenez to complete a switch form signed
↧