Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) indicate that broker/adviser, Michael F. Coomes, Jr. (CRD # 2699173) was recently suspended from the securities industry by FINRA’s Department of Enforcement. The sanction occurred as a result of an investigation into the unauthorized use of discretion in customer accounts. The Law Office of Kevin J. Deloatch, Esq. is interested in speaking to investors who have complaints regarding Mr. Coomes, Jr.
Registration Background for Michael F. Coomes, Jr.
Mr. Coomes, Jr. first became registered in the securities industry in 1996 and is currently associated with Phoenix, NY based Cadaret, Grant & Co., Inc. (CRD # 10641). His prior registrations AXA Advisors, LLC (CRD # 6627) from March 1996 to April 2003 and The Equitable Life Assurance Society of the United States (CRD # 4039) from March 1996 to January 2000.
FINRA’s Allegations against Michael F. Coomes, Jr.
FINRA’s investigation led to Mr. Coomes, Jr. entering into a Letter of Acceptance, Waiver and Consent (AWC) with FINRA on August 24, 2020. According to the AWC, Mr. Coomes, Jr. consented to, without either admitting to or denying, the following findings by FINRA’s Department of Enforcement:
- “On December 21, 2018, [Mr.] Coomes effected approximately 75 discretionary trades in 24 customer accounts”;
- “[Mr.] Coomes effected these trades on the basis of communications with customers that occurred three or more days before he placed the trades”;
- “Although the customers knew that [Mr.] Coomes was exercising discretion in their accounts, [Mr.] Coomes did not have prior written authorization to do so from any of the customers”;
- “Additionally, Cadaret Grant had not approved any of these accounts for discretionary trading”; and
- By virtue of the above, Mr. Coomes, Jr. violated NASD Rule 2510(b), regarding discretionary accounts and FINRA Rule 2010, regarding standards of commercial honor and principles of trade.
FINRA Sanctions Michael F. Coomes, Jr.
As a result of such violations and in addition to the above described findings and conclusions, FINRA’s August 24, 2020 AWC also indicates that Mr. Coomes, Jr. consented to the following sanction(s):
- A suspension from association with any FINRA member firm in any capacity for a 15 business day period; and
- A fine in the amount of $5,000.00.
Michael F. Coomes, Jr. Does Not Have a History of Complaints
In addition to the findings of FINRA’s Department of Enforcement, FINRA BrokerCheck for Mr. Coomes, Jr. reveals that he does not have a history of customer complaint(s)/arbitration(s).
If you or someone you know has or had a brokerage account with Mr. Michael F. Coomes, Jr. 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.