Steven Ridgley, Waddell & Reed Broker, Sanctioned for Unauthorized Trading

March 23, 2016-Louisville, KY

Steven D. Ridgley  entered into a Letter of Acceptance Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA) to resolve allegations that  while employed by Waddell & Reed, between January 2013 and January 2015, he exercised discretion in 80 customer accounts without obtaining prior written authority from the customers or his employing firm.

 

AWC No.  20140430257 03

RIdgley was suspended from association with any FINRA member in any capacity for two months and fined $10,000.

FINRA records disclose that Ridgley was discharged from Waddell & Reed on 1/27/2015, with the following comment in the allegations section of the FINRA report: “Use of discretion in multiple client accounts without written authorization in violation of firm’s policies.” 

Ridgley is currently named in a pending customer dispute in which the customer alleges “purchase of closed end fund in May 2013 did not fit within objectives and risk tolerance. Was overconcentrated in the account, and that they continue to pay taxes on the dividends for a product that has lost value.” No damages are specified.

Ridgley is currently registered with International Assets Advisory. His registration with Waddell & Reed was 10/200-2/2015.

If you have losses in an account handled by Steven Ridgley, you may be able to collect damages from his employer.

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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