By Robert H. Rex
William Bradford Coolidge (CRD #1636957, Registered Representative, Cordova, Tennessee) submitted a Letter of Acceptance, Waiver and Consent in which he was barred from association with any FINRA member in any capacity. Without admitting or denying the findings, Coolidge consented to the described sanction and to the entry of findings that he effected trades in elderly customers’ accounts without obtaining the customers’ prior written authorization and without his member firm’s acceptance of the accounts as discretionary.
The findings stated that Coolidge implemented a trading strategy in elderly customers’ Individual Retirement Accounts (IRAs) and individual accounts to switch mutual funds and unit investment trusts (UITs) to other mutual funds or UITs after holding the investments for a short time period. For one of these customers, in the customer’s IRA account, Coolidge effected mutual fund and UIT purchases and sales in the account after holding the investments for a short time period. Given the customers’ age, investment objectives, and risk profile or annual income, Coolidge’s recommendations were not suitable and were inconsistent with their account objectives. The elderly customers incurred losses totaling $195,127.37 and paid commissions totaling $168,091.21. ( FINRA Case #2012032916701)
According to FINRA records Coolidge, who is not currently registered, worked for Stifel, Nicolaus & Company from 3/2008-6/2012.
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