Robert Henry Forsyth, Registered Rep with Davenport & Company, LLC 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 Virginia-based Davenport & Company, LLC broker/advisor Robert Henry Forsyth (CRD # 1425529) was recently sanctioned by FINRA’s Department of Enforcement for the fraud of unauthorized trading in customer accounts. The Law Office of Kevin J. Deloatch, Esq. is interested in speaking to investors who have complaints regarding Mr. Forsyth and/or Davenport & Company, LLC.
Mr. Forsyth has been registered in the securities industry since 1985 and as of date, has been registered with Davenport & Company, LLC (CRD # 1588) since 1990. He was previously registered with Anderson & Strudwick, Incorporated (CRD # 48) from November 1985 through February 1990.
FINRA’s Finding and Conclusions of Securities Fraud
According to FINRA Letter of Acceptance, Waiver and Consent (AWC) dated July 30, 2019, Mr. Forsyth consented to the following findings by FINRA’s Department of Enforcement, with regard to the fraud of unauthorized trading in customer accounts, without either admitting or denying:
- In May and June of 2017, Forysth executed 44 discretionary transactions in 20 accounts of customers. None of the customers had given Forsyth prior written authorization to exercise discretion in their accounts, though some of the customers had given Forsyth express or implied authority to exercise discretion in their accounts;
- Forsyth’s employer Davenport & Company, LLC had not approved any of the customer accounts for discretionary trading; and
- Forsyth’s actions during the relevant period were in violation of NASD Rule 2510(b) and FINRA Rule 2010.
FINRA Sanctions Robert Henry Forsyth
In addition to the findings and conclusions, FINRA’s July 30, 2019 AWC also indicates that Mr. Forsyth 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 $2,500.00 fine.
If you or someone you know has or had a brokerage account with Robert Henry Forsyth and/or Davenport & Company and have concerns regarding losses in your investments or possible 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.