Simon Michael Joseph, Registered Rep Currently with BB&T Securities, LLC Has Been Sanctioned by FINRA for Unauthorized Discretion in Customer Accounts
Publicly available records recently provided by the Financial Industry Regulatory Authority (FINRA) indicate that broker/advisor Simon Michael Joseph (CRD # 5602157), currently with Alexandria, VA based BB&T Securities, LLC. (CRD # 142785) was recently sanctioned by FINRA’s Department of Enforcement for 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. Joseph.
Mr. Joseph has been registered in the securities industry since 2008 and has been with BB&T Securities, LLC since August 2016. His prior registrations included Morgan Stanley (CRD # 149777) from August 2009 to August 2016, AXA Advisors, LLC (CRD # 6627) from May 2009 to July 2009 and ING Financial Partners, Inc. (CRD # 2882) from December 2008 to June 2009.
FINRA’s Finding and Conclusions
According to FINRA Letter of Acceptance, Waiver and Consent (AWC) dated October 10, 2019, Mr. Joseph consented to the following findings by FINRA’s Department of Enforcement, with regard to the use of unauthorized discretion in customer accounts, without either admitting or denying:
- From approximately June 2015 through July 2016, while associated with Morgan Stanley, Joseph exercised discretion by placing approximately 2,200 trades in 11 accounts of five separate customers without prior written authorization;
- Joseph mismarked 126 separate order tickets as “unsolicited” when, in fact, he had solicited the transactions;
- Joseph’s actions during the relevant period were in violation of FINRA Rules 2010 (requiring FINRA members and associated persons observing high standards of commercial honor and just and equitable principals of trade) and 4511 (governing preserving books and records); and
- Joseph’s actions during the relevant period violated NASD Rule 2510(b) governing discretionary accounts.
FINRA Sanctions Simon Michael Joseph
In addition to the findings and conclusions, FINRA’s October 10, 2019 AWC also indicates that Mr. Joseph consented to the following sanctions:
- A suspension from associating with any FINRA member firm in any and all capacities for thirty days; and
- A $10,000.00 fine.
If you or someone you know has or had a brokerage account with Simon Michael Joseph 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.