On April 25, 2013, FINRA announced that it had fined and suspended New York Registered Representative Bryan R. Mackey. The suspension effective dates were from May 20, 2013 until June 10, 2013.
During his association with Merrill Lynch, Pierce, Fenner & Smith, on September 28, 2012 Mr. Mackey exercised discretion in connection with 17 transactions he effected in the account of one customer. He did not have written authorization from the customer to place discretionary trades. Moreover, he failed to obtain written acceptance of the account as a discretionary account from Merrill Lynch, Pierce, Fenner & Smith. This conduct is in direction violation of NASD Rule 2510(b).
In settling this matter Bryan R. Mackey neither admitted nor denied the charges, but consented to the entry of FINRA’s findings. It was unclear whether the customer initiated a FINRA arbitration, or any other type of securities arbitration.