Arlyn Roy Stokesbary, Registered Rep Formerly with Thrivent Investments Management, Inc. Has Been Sanctioned by FINRA for Unauthorized Trading in Customer Accounts
Publicly available records recently provided by the Financial Industry Regulatory Authority (FINRA) indicate that former Minneapolis-based Thrivent Investments Management, Inc. broker/advisor Arlyn Roy Stokesbary (CRD # 1717430) was sanctioned by FINRA’s Department of Enforcement for securities fraud in customer accounts. The Law Office of Kevin J. Deloatch, Esq. is interested in speaking to investors who have complaints of securities fraud regarding Mr. Stokesbary.
Mr. Stokesbary became registered in the securities industry in 1987 and was most recently registered with Thrivent Investment Management, Inc. (CRD # 18387). He is no longer registered or associated with a FINRA member firm. His prior registrations included Lutheran Brotherhood Securities Corp. (CRD # 4205) from August 1987 through July 2002.
FINRA’s Findings and Conclusions of Securities Fraud Against Stokesbary
According to FINRA Letter of Acceptance, Waiver and Consent (AWC) dated August 23, 2019 (Case ID # 2018059898701), Mr. Stokesbary consented to the following findings of securities fraud by FINRA’s Department of Enforcement without either admitting to or denying:
- During August 2017, Thrivent identified that Stokesbary had effected trades for two unrelated customers on the same day within a period of several minutes without prior authorization from the customers. Thrivent reminded Stokesbary of the firm’s written procedures prohibiting representatives from exercising discretionary authority over customer accounts, and instructed Stokesbary not to place trades in customer accounts without confirming the trade instructions with the customer on the same day as the trade;
- Subsequent to the warning by Thrivent, Stokesbary then subsequently effected approximately 109 trades in the accounts of 20 other customers without contacting the customers on the same day as the transactions;
- Stokesbary did not have written authorization from the customers to use discretion in their accounts, and he never requested discretionary permission from Thrivent;
- Thrivent never gave Stokesbary permission to use discretion in the accounts; and
- Stokesbary’s actions were in violation of NASD Rule 2510(b) and FINRA Rule 2010.
FINRA Sanctioned Stokesbary
FINRA’s August 23, 2019 AWC also makes clear that Stokesbary consented to the following sanctions:
- A suspension from associating with any FINRA member firm in any and all capacities for 15 business days; and
- A $5,000.00 fine.
Corrective Action against Stokesbary
In addition to the above, according to FINRA BrokerCheck, Mr. Stokesbary was terminated from Thrivent on August 30, 2018. The reason for termination was “fail[ure] to discontinue improper trading practices in commission-based Brokerage Accounts after being educated.”
Find out if you have Recourse
If you or someone you know has complaints of securities fraud regarding Arlyn Roy Stokesbary and/or Thrivent Investments Management, Inc. 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.