Broker Walter Allen, Cetera Advisors, Barred by FINRA After Allegations of Refusing Request for Information
Walter Allen (CRD#: 1344149) is a previously registered Broker at Cetera Advisors, LLC in Suffield, CT. He entered the securities industry in 1985 and previously worked for Investors Capital Corp.; Coburn & Meredith, Inc.; Ryan Beck & Co.; Gruntal & Co., LLC; Tucker Anthony Incorporated; Kidder, Peabody & Co., Inc.; and Shearson Lehman Hutton, Inc.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), in August, 2021, FINRA sanctioned Walter Allen, barring him from all capacities, indefinitely, beginning on August 4, 2021. The FINRA sanction states, “Without admitting or denying the findings, Allen consented to the sanction and to the entry of findings that he refused to provide information and documents requested by FINRA. The finding stated that Allen’s member firm filed a Uniform Termination Notice for Securities Industry Registration (Form U5) stating that he had executed trades in non-discretionary accounts without written client authorization in violation of the firm’s policies and procedures.”
For a copy of the FINRA sanction, click here.
In addition, Walter Allen has been the subject of two disclosures, including the following:
● April 2020–”THE ADVISOR WAS TERMINATED AFTER THE FIRM DISCOVERED THE ADVISOR EXECUTED TRADES IN NON-DISCRETIONARY ACCOUNTS WITHOUT WRITTEN CLIENT AUTHORIZATION IN VIOLATION OF THE FIRM’S POLICIES AND PROCEDURES.” Walter Allen was discharged from Cetera Advisors.
● October 2003–”FIRM CONDUCTED INTERNAL REVIEW REGARDING VIOLATION OF FIRM’S CONFLICT OF INTEREST POLICY IN IT’S CODE OF CONDUCT AND POLICY REGARDING THE HANDLING OF A CLIENT’S ACCOUNT UPON DEATH, WITHOUT APPROPRIATE TESTAMENTARY INSTRUCTIONS AND DOCUMENTATION.” Walter Allen was permitted to resign from Ryan Beck & Co.
For a copy of Water Allen’s FINRA BrokerCheck, click here.
FINRA regulations require that a customer’s written authorization is required before a broker-dealer can carry out transactions in the customer’s account. In addition, the broker-dealer’s member firm needs to approve the broker-dealer’s authorization. These measures are intended to protect the customer. Discretionary trading allows the broker-dealer to unilaterally decide to buy or sell securities at any price and not have to check with the client first. Exercising discretion without authorization can be costly to investors, and broker-dealers and their member firms, too.
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