Former Moors & Cabot Broker, David Gray Dalton, Suspended By FINRA For Exercising Discretionary Trading Authority Without Customer Authorization
David Gray Dalton (CRD # 2418235) was a Financial Advisor at Moors & Cabot, Inc. in Boston, MA. David Dalton has been in the securities industry since since 1993 and previously worked at Tucker Anthony Incorporated and Smith Barney Inc.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), in February 2020, FINRA suspended David Dalton from the industry for exercising “discretionary trading authority in 221 of his Firm customers’ accounts without having first obtained written authorization from the customers of the Firm to treat the accounts as discretionary.”
“Dalton also failed to indicate that he had exercised discretionary trading authority, which caused the Firm to create and maintain inaccurate order memoranda in violation of Section 17(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 17a-3 promulgated thereunder. By causing the Firm to maintain these inaccurate books and records, Dalton violated NASD Rule 3110 (for conduct occurring before December 5, 2011), FINRA Rule 4511 (for conduct occurring on or after December 5, 2001), and FINRA Rule 2010.”
For a copy of the FINRA sanction, click https://www.finra.org/sites/default/files/fda_documents/2020065196801%20David%20Gray%20Dalton%20CRD%202418235%20AWC%20jlg.pdf
For a copy of David Dalton’s CRD, click https://brokercheck.finra.org/individual/summary/2418235#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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