Cambridge Investment Research Discharged David Melilli For Allegedly Placing Trades In Client Accounts Without Authority
David Melilli (CRD # 5254172) was a Financial Advisor at Cambridge Investment Research in Moorestown, New Jersey. David Melilli has been in the securities industry since since 2006 and previously worked at LPL Financial and Sagepoint Financial.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), on January 23, 2020, after only five months of registration at Cambridge Investment Research, it terminated David Melilli for allegedly placing “discretionary trades without authority.”
Unauthorized trading is strictly prohibited by FINRA rules. Before a transaction can be entered in a customer account, the Financial Advisor must first obtain verbal or written authorization from the client. In the absence of authorization, the transaction is subject to rescission by the customer.
For a copy of David Melilli’s CRD, click https://brokercheck.finra.org/individual/summary/5254172#disclosuresSection.
Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients. To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.
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