Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) indicate that broker/advisor, Bradley S. Lay (CRD # 4633746) was recently suspended from the securities industry by FINRA’s Department of Enforcement after an investigation into using unauthorized discretion in customer accounts.
The Law Office of Kevin J. Deloatch, Esq. is interested in speaking to investors who have complaints regarding Mr. Lay.
Registration Background for Bradley Lay
Mr. Lay first became registered in the securities industry in 2003. He is currently registered with Franklin, TN based SA Stone Wealth Management, Inc. (CRD # 18456) and SA Stone Investment Advisors, Inc. (CRD # 174182). His prior registrations include Raymond James & Associates, Inc. (CRD # 705) from February 2013 to September 2019, and Morgan Keegan & Company, Inc. (CRD # 4161) from February 2007 to February 2013.
FINRA’s Allegations Against Bradley Lay
According to FINRA Letter of Acceptance, Waiver and Consent (AWC) dated December 6, 2021, Mr. Lay consented to, without either admitting to or denying, the following findings by FINRA’s Department of Enforcement:
- “From June 12, 2019, through July 16, 2019, on seven occasions in three separate customers’ accounts, [Mr.] Lay purchased and sold securities totaling approximately $184,000, without receiving express authorization from his customers prior to execution, earning $180 in commissions”;
- “[D]espite the absence of signed, written trading authorization forms, [Mr.] Lay relied on authorization he received from each customer’s respective spouse to execute the trades”;
- “Likewise, without prior express authorization, [Mr.] Lay effected two additional securities transactions in a fourth customer’s account totaling approximately $104,000, earning $87 in commissions”;
- “[Mr.] Lay also entered and subsequently deleted inaccurate notes into RJA’s client relationship management system in connection with these two transactions, indicating that he spoke with the fourth customer prior to entering the trades in her account when he did not actually speak with her until several days after execution”; and
- By virtue of his actions, Mr. Lay violated FINRA Rule 2010, regarding standards of commercial honor and principles of trade.
FINRA Suspends Bradley Lay from Securities Industry
As a result of such violations and in addition to the above described findings and conclusions, FINRA’s December 6, 2021 AWC also indicates that Mr. Lay consented to the following sanction(s):
- A two-month suspension from association with any FINRA member in all capacities;
- A fine in the amount of $7,500.00; and
- Disgorgement of interest in the amount of $267.00.
Bradley Lay Has No History of Securities Industry Customer Complaints
In addition to Bradley Lay being suspended by FINRA from the securities industry regarding unauthorized discretion, FINRA BrokerCheck for Mr. Lay reveals that he has no history of customer complaints and/or customer initiated arbitrations.
If you or someone you know has or had a brokerage account with Bradley S. Lay 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.