Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) indicate that broker/adviser, Yvonne M. Nirelli (CRD # 1364313) 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 Ms. Nirelli.
Registration Background for Yvonne M. Nirelli
Ms. Nirelli first became registered in the securities industry in 1985 and is currently associated with Canastota, NY based Cadaret, Grant & Co., Inc. (CRD # 16404). Her prior registrations include Mutual of Omaha Fund Management Company (CRD # 611) from May 1985 to February 1986.
FINRA’s Allegations against Yvonne M. Nirelli
FINRA’s investigation led to Ms. Nirelli entering into a Letter of Acceptance, Waiver and Consent (AWC) with FINRA on August 12, 2020. According to the AWC, Ms. Nirelli consented to, without either admitting to or denying, the following findings by FINRA’s Department of Enforcement:
- “FINRA conducted an examination of Cadaret Grant covering the period between August 2017 and August 2018”;
- “Between August 2017 and August 2018, [Ms.] Nirelli exercised discretion without written authorization in 64 customer accounts, in violation of NASD Rule 2510(b) and FINRA Rule 2010”;
- “During that period, [Ms.] Nirelli effected at least 101 discretionary trades in 64 customer accounts”;
- “Although the customers knew that [Ms.] Nirelli was exercising discretion in their accounts, [Ms.] Nirelli 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, Ms. Nirelli violated NASD Rule 2510(b), regarding the use of discretion and FINRA Rule 2010, regarding standards of commercial honor principles of trade.
FINRA Sanctions Yvonne M. Nirelli
As a result of such violations and in addition to the above described findings and conclusions, FINRA’s August 12, 2020 AWC also indicates that Ms. Nirelli consented to the following sanction(s):
- A 15 business day suspension from association with any FINRA member firm in any capacity; and
- A fine in the amount of $5,000.00.
Yvonne M. Nirelli has a History of Complaints
In addition to the findings of FINRA’s Department of Enforcement, FINRA BrokerCheck for Ms. Nirelli (page 14) reveals she has a history of customer complaint(s) and/or arbitration(s) including, but not limited to the following:
- On July 22, 2019, a customer initiated a written complaint against Ms. Nirelli for actions that allegedly occurred while she was associated with Cadaret, Grant & Co., Inc. The customer alleged Ms. Nirelli engaged in misrepresentation with regards to an annuity. The customer further alleged Ms. Nirelli’s actions caused damages in the amount of $200,000.00. On September 10, 2019, the complaint was denied.
If you or someone you know has or had a brokerage account with Ms. Yvonne M. Nirelli 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
