Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) indicate that broker/advisor Albert Dishner (CRD No. 1912362) was recently suspended from the securities industry by FINRA’s Department of Enforcement for unauthorized trading in equities and options securities. The suspension occurred during the course of an investigation into the fraud of unauthorized trading in a customer account. The Law Office of Kevin J. Deloatch, Esq. is interested in speaking to investors who have complaints regarding Mr. Dishner.
Registration Background for Albert Dishner
Mr. Dishner first became registered in the securities industry in 1989. He is currently registered with New York, NY based Morgan Stanley (CRD # 149777). His prior registrations include Credit Suisse Securities (USA) LLC (CRD # 816) from August 2005 to August 2015, Morgan Stanley DW Inc. (CRD # 7556) from July 1997 to August 2005 and Pain Webber Incorporated (CRD # 8174) from March 1993 to July 1997.
FINRA’s Allegations against Albert Dishner
According to FINRA Letter of Acceptance, Waiver and Consent (AWC) dated June 17, 2020, Mr. Dishner consented to, without either admitting to or denying, the following findings by FINRA’s Department of Enforcement:
- “From January 2011 through July 2015 (the “Relevant Period”), Dishner exercised discretionary power in two brokerage accounts of one customer, executing securities transactions, including equities and option contracts”;
- “The customer did not provide prior written authorization for this discretionary trading”;
- “Credit Suisse did not accept the accounts in writing as discretionary’;
- “NASD Rule 2510(b) prohibits registered representatives from exercising discretionary power in a customer’s account unless the customer has provided prior written authorization to the representative and the account has been accepted as a discretionary account, in writing, by the representative’s member firm”;
- “Similarly, FINRA Rule 2360(b)(18)(A) prohibits registered representatives from exercising discretionary power with respect to trading in option contracts in a customer’s account unless the trading complies with NASD Rule 2510, the customer, in writing, specifically authorizes options trading, and the account is accepted in writing by an [Registered Options Principal] or [Security Sales Supervisor]”; and
- As a result of the foregoing conduct, Dishner violated NASD Rule 2510(b), FINRA Rule 2360(b)(18)(A) and FINRA Rule 2010.
FINRA Sanctions Albert Dishner
As a result of such violations and in addition to the above described findings and conclusions, FINRA’s June 17, 2020 AWC also indicates that Mr. Dishner consented to the following sanction(s):
- A suspension from association with any FINRA member firm in any and all capacities for 10 business days; and
- A $5,000.00 fine.
Albert Dishner has a History of Customer Complaints
In addition to the findings of FINRA’s Department of Enforcement, FINRA BrokerCheck for Mr. Dishner (pages 15 – 20) reveals he has a history of customer complaints including but not limited to the following:
- On June 30, 2016 a customer initiated an arbitration in which Mr. Dishner was named as a Respondent for alleged acts while he was associated with Credit Suisse Securities (USA) LLC. The customer(s) alleged damages in the amount of $600,000.00 for negligence, breach of fiduciary duty, violation of FINRA rules and state and federal securities laws, excessive trading/churning and failure to supervise. The arbitration was settled on December 30, 2016 in the amount of $205,000.00.
- On September 14, 2007 a customer initiated a written complaint naming Mr. Dishner for actions that allegedly occurred while associated with Credit Suisse Securities (USA) LLC. The customer(s) alleged the number of shares and/or dollar amount of a security transaction or holding was too large. The complaint was settled on November 29, 2007 in the amount of $28,000.00.
- On December 18, 2013 a customer initiated a written complaint naming Mr. Dishner for actions that allegedly occurred while associated with Credit Suisse Securities (USA) LLC. The customer(s) alleged damages in the amount of $354,000.00 for failure to follow instructions to sell securities. The customer further alleged that Mr. Dishner sold securities without authorization. The complaint was denied on December 18, 2013.
- On December 18, 2013 a customer initiated a written complaint naming Mr. Dishner for actions that allegedly occurred while he was associated with Solomon Smith Barney Inc. The customer(s) alleged unauthorized trading, churning and unsuitability. The complaint was denied on February 25, 1998.
If you or someone you know has or had a brokerage account with Mr. Albert Dishner and have concerns regarding losses in your investments or possible sales practice violations including fraud, you may be entitled to recover lost funds. The Law Office of Kevin J. Deloatch, Esq. has an extensive securities law practice and over 30 years of experience on Wall Street. Call today at (646) 792-2156 for a free consultation. The time to file your claim may be limited so you should call today to avoid delay.