By Robert H. Rex, Esq.
In December 2013, the Financial Industry Regulatory Authority (FINRA) suspended Delray Beach, FL, broker David E. Macias for three months and fined him $15,000 to resolve allegations that he placed trades in an outside securities account and failed to notify his firm. FINRA also alleged that Macias exercised discretionary power in a customer account and placed discretionary trades in the customer’s account without written authorization and without his firm’s written approval.
Macias utilized text messaging and a non firm, personal email account to communicate with a customer and conduct securities business. Use of these methods of communication was not approved by his firm and violative of firm policy.
The suspension is in effect from December 16. 2013- March 15, 2014.
According to FINRA records Macias was registered with R.M. Stark & Co. from 11/2009-10/2012. As of March 2014, FINRA records indicate that he is not currently registered with FINRA.
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