FINRA suspended broker Peter C. Bishop and fined him $10,000 after its investigation found he had executed four trades on behalf of a deceased investor, without authorization, including several trades after Bishop allegedly had knowledge that his customer had died.
Associated with RBC Capital Markets, LLC in Maine, FINRA found that in 2011, Bishop placed the four trades totaling $13,000 in his customer's RBC account without the customer's knowledge or consent, as the customer had passed away in 2010.
FINRA found that Bishop received an approximate $150 commission for effecting these four unauthorized trades.
In consenting to the sanctions and entry of findings, Bishop did not admit nor deny the findings. His industry suspension has subsequently expired.
Though Bishop's client was unable to authorize these trades because of death, other investors whose brokers engage in unauthorized trading activity remain unaware of the misconduct due to vacation, time in the hospital or a lapse in monitoring or reviewing account activity.
If you suspect your broker or financial professional has effected unauthorized trades in your account that have proven harmful to your investments or interests, please call The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for an investigation and consultation.