Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) indicate that broker/advisor, Anthony Cross (CRD # 3155726) was recently suspended from the securities industry by FINRA’s Department of Enforcement after an investigation into unauthorized discretion.
The Law Office of Kevin J. Deloatch, Esq. is interested in speaking to investors who have complaints regarding Mr. Cross.
Registration Background for Anthony Cross
Mr. Cross first became registered in the securities industry in 1998. He is currently registered with Edmond, OK based MML Investor Services, LLC (CRD # 10409). His prior registrations include investment advisory firms Vanderbilt Advisory Services (CRD # 116537) from July 2020 to October 2021 and On Investment Management Co (CRD # 105662) from July 2006 to June 2020.
FINRA’s Allegations Against Anthony Cross
According to the FINRA Letter of Acceptance, Waiver and Consent (AWC) dated September 5, 2023 (No. 2020067046901), Mr. Cross consented to, without either admitting to or denying, the following findings by FINRA’s Department of Enforcement:
- “Between March 2020 and June 2020, [Mr.] Cross violated FINRA Rules 3260(b) and 2010 by exercising discretionary authority to effect 633 trades in 126 customer accounts, without obtaining written authorization from the customers to exercise discretion and without his firm having the accounts accepted as discretionary”;
- “Although the customers understood that [Mr.] Cross was placing trades in their accounts, none had given him prior written authorization to exercise discretion, and [Mr.] Cross did not speak with the customers on the dates of the trades”; and
- By virtue of his actions, Mr. Cross violated FINRA Rule 3260(b) regarding discretionary trading, and FINRA Rule 2010 regarding standards of commercial honor and principles of trade.
FINRA Suspends Anthony Cross from Securities Industry
As a result of such violations and in addition to the above-described findings and conclusions, FINRA’s September 5, 2023 AWC also indicates that Mr. Cross consented to the following sanction(s):
- A 20-business day suspension from association with any FINRA member in all capacities; and
- A fine in the amount of $5,000.00.
In determining the sanction(s), FINRA also considered, among other things, a sanction imposed by a 2021 consent order relating to a subset of the discretionary trading covered in the September 5, 2023 AWC.
Anthony Cross Has No History of Securities Industry Customer Complaints
In addition to Mr. Cross being suspended by FINRA from the securities industry regarding unauthorized discretion, FINRA BrokerCheck for Mr. Cross indicates that he has no history of customer complaints and/or customer-initiated arbitrations.
Have You Lost Money with Anthony Cross?
If you or someone you know has or had a brokerage account with Mr. Anthony Cross 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.