Financial Advisor, Donald Logan, Sanctioned By FINRA For Allegedly Engaging In Unauthorized Trading
The Wolper Law Firm is currently investigating claims against Donald Logan, a former Financial Advisor at Waddell & Reed in Silverdale, Washington. Donald Logan has been in the securities industry since 2008 and previously worked for Edward Jones.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), on February 5, 2019, FINRA sanctiond Donald Logan, suspending him for 18 months and fining him for allegedly engaging in unauthorized trading:
“Without admitting or denying the findings, Logan consented to the sanctions and to the entry of findings that he exercised discretionary trading authority in customer accounts without obtaining prior written authorization from his customers or prior written approval from his member firms. The findings stated that Logan executed unauthorized transactions in customer accounts without their knowledge or consent. The findings also stated that Logan caused customers to sign blank or incomplete account-related forms, intending to later use them in connection with customer transactions. The findings also included that Logan willfully failed to timely amend his Form U4 to disclose civil judgments and a compromise with a creditor and never disclosed one judgment.”
For a copy of the the FINRA sanction, click https://www.finra.org/sites/default/files/fda_documents/2015046378601%20Donald%20Logan%20CRD%205537486%20AWC%20sl.pdf
addition, in September 2018, Waddell & Reid terminated Donal Logan for
“POSSESSION OF MULTIPLE BLANK CLIENT-SIGNED FORMS AND ALTERED CLIENT-SIGNED DOCUMENTS, IN VIOLATION OF THE FIRM’S POLICIES.”
This is the second time Donald Logan was terminated by a brokerage firm. In 2015, he was terminated by Edward Jones for taking discretion in a customer’s account.
For a copy of the Donald Logan’s CRD, click https://brokercheck.finra.org/individual/summary/5537486#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.
It is required by FINRA rules and other governing regulations that Financial Advisors obtain authorization for all trades placed in non-discretionary accounts prior to executing those trades. If a trade is unauthorized, the customer may be entitled to rescission of the trade, plus any damages caused or commissions charged.
The Wolper Law Firm represents investors nationwide in securities litigation and arbitration on a contingency fee basis. Matt Wolper, the Managing Principal of the Wolper Law Firm, is a trial lawyer who has handled hundreds of securities cases during his career involving a wide range of products, strategies and securities. Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters. We can be reached at 800.931.8452 or by email at email@example.com.
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