Seymour’s CRD has two employment terminations on the same day, 11/5/2020. The first discharge was from Raymond James, and the second from Steward Partners Investment Advisory, LLC., with identical reasons for his discharge: ”Terminated for various policy violations, including conducting firm business through an outside email address, acting in an unapproved capacity for a client, and reuse of blank, signed forms for another client.” It is not clear from the CRD if or how the two firms might be affiliated.
In his discharge from Steward Partners, Seymour rebuts that he was unaware that his client named him for a power of attorney, gave no consent, and only learned about it when the client went into a coma. He claimed that he only acted on the client’s behalf to ensure his wellbeing.
Prior to becoming a broker, Seymour worked for his wife’s tax and estate business, offering tax preparation and trust administration services. In 2010, Seymour became a co-trustee for a trust whose beneficiaries later became customers at Morgan Stanley, then Raymond James.
Once he became a registered representative, he continued to do so with both Morgan Stanley’s and Raymond James’ permission. He listed his involvement as only tax preparation and received authorization from both to continue with his wife’s firm. What he wasn’t allowed to do in his outside business activity (OBA) was serving as a trustee as he had before, nor continuing any bill-paying authority over any third-party bank accounts.
But from June of 2014 through November of 2020, Seymour continued to serve as a co-trustee for one trust despite the instruction from both firms to discontinue the practice. From February of 2017 through November of 2020, he continued having bill-paying authority over the third-party checking account. Seymour issued multiple checks, including some to himself for compensation for trust administration for the trust he wasn’t supposed to be involved with.
From 2017 through 2020, Seymour falsely stated in five compliance questionnaires at Raymond James that he had not participated in OBA that were not reported to the firm.
In the Acceptance, Waiver, and Consent (AWC) letter, FINRA issued two sanctions against Seymour:
- A fine of $5,000
- A two-month suspension from any and all affiliation with any FINRA member in all capacities, beginning 12/5/2022 and ending on 2/4/2023
Seymour accepted the findings and sanctions, signing the AWC on 11/22/2022.
Did You Invest With Todd Seymour?
Silver Law Group represents investors in securities and investment fraud cases. Our lawyers are admitted to practice in New York and Florida and represent investors nationwide to help recover investment losses due to stockbroker misconduct. If you have any questions about how your account has been handled, call to speak with an experienced securities attorney. Most cases are handled on a contingent fee basis, meaning that you won’t owe us until we recover your money for you. Contact us today at (800) 975-4345 and let us know how we can help.