July 2016-Corsicana, Texas
The Texas State Securities Board (TSSB) issued a Disciplinary Order suspending Corsicana investment adviser Michael Jason Gamez, who is currently registered with Maplewood Investment Advisors, for 100 days, beginning August 8, 2016.
According to the TSSB order:
- Gamez was registered with Edward Jones from March 2008-December 2014
- From January 2013 to November 2014 Gamez regularly placed trades in certain client’s brokerage accounts without first discussing the specific trades with his clients
- Gamez selected the date and price to purchase shares of stock without obtaining the client’s approval for each trade. Furthermore, Gamez selected the amount of shares to purchase through each trade without obtaining approval from the clients, thereby engaging in discretionary trading in the client accounts.
- Gamez was terminated for cause by Edward Jones as a result of the discretionary trading activity.
In the securities industry exercising discretion means that the customer has authorized the broker to buy and sell securities without first consulting with the customer on each transaction. To avoid regulatory issues and to comply with the policy of most firms, this permission must be granted in writing. Most accounts are not discretionary accounts, meaning that the broker is required to consult with the customer before making a purchase or a sale in the account.
If you have losses in an account handled by Michael J. Gamez, you may be able to collect damages through FINRA arbitration.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.
Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
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