- December 20, 2021
- SA Stone
Bradley Lay (CRD#: 4633746) is a dually registered Broker and Investment Advisor at SA Stone Wealth Management, Inc. in Franklin, TN.
He entered the securities industry in 2003 and previously worked for Raymond James & Associates, Inc.; Morgan Keegan & Co., Inc.; Amsouth Investment Management Company, LLC; and Amsouth Investment Services, Inc.
Current And Past Allegations Of Conduct Leading To Investment Loss
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), in December 2021, FINRA sanctioned Bradley Lay, levying a civil and administrative penalty/fine of $7,500; ordering a disgorgement of $267; and suspending him from all capacities for two months beginning January 3, 2022 and ending March 2, 2022. The FINRA sanction states, “Without admitting or denying the findings, Lay consented to the sanctions and to the entry of findings that he engaged in unauthorized trading by effecting transactions in customers’ accounts without first obtaining authorization from each customer. The findings stated that in three separate customers’ accounts, Lay purchased and sold securities totaling approximately $184,000, without receiving express authorization from the customers prior to execution, earning $180 in commissions. Instead, despite the absence of signed, written trading authorization forms, Lay relied on authorization he received from each customer’s respective spouse to execute the trades. Likewise, without prior express authorization, Lay effected two additional securities transactions in another customer’s account totaling approximately $104,000, earning $87 in commissions. Lay also entered and subsequently deleted inaccurate notes into his member firm’s client relationship management system in connection with these two transactions, indicating that he spoke with the customer prior to entering the trades in her account when he did not actually speak with her until several days after execution.”
For a copy of the FINRA sanction, click here.
In addition, Bradley Lay was terminated by Raymond James for “Unauthorized trading activity by accepting emailed trading instructions without verbal confirmation and accepting trading instructions from persons without approved trading authority on client accounts.” The events giving rise to this employment termination led to the FINRA investigation.
For a copy of Bradley Lay’s FINRA BrokerCheck, click here.
We Help Investors Recover Investment Losses
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.
The Wolper Law Firm, P.A. represents investors nationwide in securities litigation and arbitration on a contingency fee basis. Matt Wolper, the Managing Principal of the Wolper Law Firm, P.A., 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 firstname.lastname@example.org.