Cadaret, Grant & Co., Inc. Broker, Michael Coomes Jr., Suspended 15 Days By FINRA For Allegedly Exercising Discretion In Customer Accounts Without Authorization
Michael Coomes Jr. (CRD # 2699173) is a Financial Advisor at Cadaret, Grant & CO., Inc. in Pheonix, NY. Michael Coomes Jr. has been in the securities industry since 1996 and previously worked at AXA Advisors, LLC and The Equitable Life Assurance Society of The United States.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), on August 24, 2020, Michael Coomes Jr. was sanctioned by FINRA, suspending him for a period of 15 business days and fining him $5,000. According to the FINRA sanction:
“Without admitting or denying the findings, Coomes consented to the sanctions and to the entry of findings that he exercised discretion in customer accounts without prior written authorization to do so from any of the customers and without his member firm having approved any of these accounts for discretionary trading. The findings stated that Coomes effected these trades based on communications with customers that occurred three or more days before he placed the trades and the customers knew that he was exercising discretion in their accounts.”
For a copy of the FINRA sanction, click https://www.finra.org/sites/default/files/fda_documents/2019060749101%20Michael%20F%20Coomes%2C%20Jr%20CRD%202699173%20AWC%20sl.pdf
Discretionary accounts are those in which the Financial Advisor is able to place trades without first consulting with the customer. Prior to establishing a discretionary account, Financial Advisors are required to obtain written authority to handle the account on a discretionary basis. Absent written authority, the trades can be challenged as unauthorized.
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