On October 28, 2016, the Financial Industry Regulatory Authority (FINRA) filed a complaint against Glenn McDowell (McDowell) in connection with allegations McDowell executed 18 unauthorized trades in a customer’s account. If FINRA’s allegations are true and proved, then McDowell may be liable to the purchasers for investment damages or disciplined by FINRA, or both.
McDowell (FINRA CRD No. 2748337) entered the securities industry in 1998. From 2001 to 2013, and during the relevant time period, McDowell worked for National Securities Corporation. Thereafter, from 2013 to 2015, McDowell worked for Olson, Cross & Alamo LLC and Woodstock Financial Group, Inc. McDowell is no longer associated with any FINRA member.
FINRA’s Department of Enforcement investigated McDowell and alleged he executed unauthorized trades in a customer’s account from May to July 2012. FINRA alleged the customer never authorized McDowell to execute discretion and the customer’s account was not discretionary. Furthermore, National Securities Corporation prohibited most forms of discretionary trading.
Based upon the alleged misconduct, FINRA alleged McDowell violated FINRA Rule 2010. According to the FINRA rules, FINRA Rule 2010 requires members and associated persons, in the conduct of their business, to “observe high standards of commercial honor and just and equitable principles of trade.” Here, McDowell’s allegedly unauthorized trades would be a violation of FINRA Rule 2010.
Lufrano Law, LLC is a national securities litigation firm and has experience representing investors who have investment disputes with brokers and broker-dealers. If you suffered investment damages investing with McDowell while he worked for National Securities Corporation, you may be able to recover your losses through FINRA arbitration. Our firm only receives a fee if you recover money. Please contact one of our attorneys at (800) 627-2179 to schedule a free consultation.