Securities Arbitration Lawyers BlogFINRA Suspends Broker John Valliades After Allegations of Purchasing Investments Without Sufficient Authorization
Valliades was also routinely accused of churning by former customers
According to the Financial Industry Regulatory Authority (FINRA), New York Broker John Valliades was involved in a regulatory dispute that occurred while he was employed with Petersen Investments, Inc., in New York, NY. FINRA also reports that Valliades “consented to sanctions and to the entry of findings that he exercised discretion in three customers” accounts without obtaining prior written authorization from customers.
The findings stated that while Valliades and his customers spoke and agreed upon investments for the customers’ accounts, he exercised time and price discretion in executing transactions on dates when he had not spoken with the clients. As a result, Valliades was suspended for 20 days from working in any capacity in the securities industry and fined $5,000.