Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) indicate that broker/adviser, Paul F. Seymour (CRD # 2002154) 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. Seymour.
Registration Background for Paul F. Seymour
Mr. Seymour first became registered in the securities industry in 1989 and is currently associated with Plattsburgh, NY based Cadaret, Grant & Co., Inc. (CRD # 10641). His prior registrations include Equity Services, Inc. (CRD # 265) from January 1995 to May 2006, New England Securities (CRD # 615) from May 2006 to May 2006 and Pruco Securities Corporation (CRD # 5685) from November 1989 to March 1995.
FINRA’s Allegations against Paul F. Seymour.
FINRA’s investigation led to Mr. Seymour entering into a Letter of Acceptance, Waiver and Consent (AWC) with FINRA on October 8, 2020. According to the AWC, Mr. Seymour consented to, without either admitting to or denying, the following findings by FINRA’s Department of Enforcement:
- “During the period December 2017 through May 2018, [Mr.] Seymour effected at least 22 discretionary trades in 16 customer accounts”;
- “Although the customers knew that [Mr.] Seymour was exercising discretion in their accounts, [Mr.] Seymour did not have prior written authorization to do so from any of the customers”;
- “Cadaret Grant had not approved any of the accounts for discretionary trading”; and
- By virtue of the above, Mr. Seymour violated NASD Rule 2510(b), regarding discretionary accounts and FINRA Rule 2010, regarding standards of commercial honor and principles of trade.
FINRA Sanctions Paul F. Seymour
As a result of such violations and in addition to the above described findings and conclusions, FINRA’s October 8, 2020 AWC also indicates that Mr. Seymour consented to the following sanction(s):
- A suspension from association with any FINRA member firm in any capacity for a 10 business day period; and
- A fine in the amount of $5,000.00.
Paul F. Seymour Has a History of Complaints
In addition to the findings of FINRA’s Department of Enforcement, FINRA BrokerCheck for Mr. Seymour reveals that he has a history of customer complaint(s)/arbitration(s) that include, but are not necessarily limited to the following:
- On July 6, 2006, a customer initiated a written complaint against Mr. Seymour for actions that allegedly occurred while he was associated with Equity Services, Inc. The customer alleged Mr. Seymour made unsuitable recommendations related to mutual funds and a variable annuity. The customer did not specify an amount in damages. On August 15 2006, the customer complaint was denied by Equity Services, Inc.
If you or someone you know has or had a brokerage account with Mr. Paul F. Seymour. 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.