Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) indicate that broker/advisor, Walter Waitak Light (CRD # 1494331) was recently suspended from the securities industry by FINRA’s Department of Enforcement after an investigation into the use of unauthorized discretion.
The Law Office of Kevin J. Deloatch, Esq. is interested in speaking to investors who have complaints regarding Mr. Light.
Registration Background for Walter Light
Mr. Light first became registered in the securities industry in 1986. He was most recently registered with Richardson, TX based Treasure Financial Corp. (CRD # 38323) from June 2003 to February 2022. His prior registrations include Light Securities (CRD # 23660) from January 1989 to December 2001 and Darnall, Kemna and Co. (CRD # 7652) from January 1989 to April 1989.
FINRA’s Allegations Against Walter Light
According to FINRA Letter of Acceptance, Waiver and Consent (AWC) dated June 9, 2022 (No. 2021069366701), Mr. Light consented to, without either admitting to or denying, the following findings by FINRA’s Department of Enforcement:
- “From July 1, 2020, through July 1, 2021, [Mr.] Light effected at least 140 discretionary trades in 22 separate customer accounts”;
- “Although the customers knew that Light was exercising discretion in their accounts, [Mr.] Light did not have prior written authorization to do so from any of the customers”;
- “Additionally, Treasure Financial did not accept any of the accounts as discretionary”; and
- By virtue of his actions, Mr. Light violated FINRA Rule 3260(b) regarding discretionary accounts and FINRA Rule 2010 regarding standards of commercial honor and principles of trade.
FINRA Suspends Walter Light from Securities Industry
As a result of such violations and in addition to the above-described findings and conclusions, FINRA’s June 9, 2022 AWC also indicates that Mr. Light consented to the following sanction(s):
- A one-month suspension from association with any FINRA member in all capacities; and
- A fine in the amount of $5,000.00.
Walter Light Has A History of Securities Industry Customer Complaints and/or Regulatory Actions
In addition to Walter Light being suspended by FINRA from the securities industry regarding unauthorized discretion, FINRA BrokerCheck for Mr. Light reveals that he has a history of customer complaints and/or regulatory actions including but not necessarily limited to the following:
- On November 21, 2000 the National Association of Securities Dealers (NASD) initiated an action that determined, amongst other findings, Mr. Light recommended and effected an unsuitable trading strategy in a customer account. Mr. Light was suspended from the securities industry for 30 business days and fined $15,000.00 jointly and severally with his firm, Light Securities.
If you or someone you know has or had a brokerage account with Walter Waitak Light 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.