Wedbush Securities Terminated Financial Advisor Timothy Podell For Allegedly Engaging In “Discretionary Trading In Multiple Accounts Without Discretionary Forms On File”
Timothy Podell (CRD #2691011) was a former Financial Advisor at Wedbush Securities in Los Angeles, California. Timothy Podell currently works for Western International Securities. Timothy Podell has been in the securities industry since 1996 and previously worked at AG Edwards.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), on June 4, 2019, Wedbush Securities discharged Timothy Podell for allegedly engaging in “discretionary trading in multiple accounts without discretionary forms on file.”
Before executing a trade, the law requires that your financial advisor obtain prior authorization from the account owner or his or her written designee. Failure to obtain prior authorization may provide you with a claim to recover any attending losses and a return of all commissions charged. Financial advisors who engage in unauthorized trading often do so in order to generate a commission.
This is the second time that Timothy Podell has been discharged by an employer. In 2007, AG Edwards terminated him after receiving “verbal complaint alleging unauthorized trading.” In addition, Timothy Podell was the subject of two customer complaints in 2005 and 2006, both of which were closed with no action taken.
For a copy of Timothy Podell’s CRD, click https://brokercheck.finra.org/individual/summary/2691011#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.
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 firstname.lastname@example.org.
- Learn How Due Diligence Regulations Protect Investors Seeking Private Placement Transactions
- Triad Investors LLC, Broker and The Just Company Investment Adviser, Mark Just, Has Six Customer Complaints, Including Complaints For The Sale Of Alternative Investments
- Former Stifel, Nicolaus & Company, Inc. Broker Joseph H. Pratt Barred by FINRA for Insider Trading; Customer Complaint Pending
- Former Dinosaur Financial Group, LLC Broker and Investment Adviser David Karandos Has Six Customer Complaints, Including 3 Pending Complaints Alleging Sales Practice Misconduct
- Former Ameriprise Financial Services Broker and Investment Adviser Angel Bardeche Fined and Suspended After Engaging in Unsuitable Mutual Fund Trading for Clients
- Benjamin F. Edwards and Co., Inc. Broker John Griner Fined and Suspended After Allegedly Improperly Exercising Discretion Without Proper Authorization
- FINRA Reports That Margin Levels in Customer Accounts Have Reached All-Time Highs of More Than $722 Billion
- How to Stop Stock Loss Caused by Your Broker-Dealer
- Former LPL Financial LLC Broker, Maziar Monshi, Has Had Three Customer Complaint Disclosures Alleging Sales Practice Misconduct
- Merrill Lynch, Pierce, Fenner & Smith Incorporated Broker, John Gatto, Has Had Eight Customer Complaint Disclosures Alleging Sales Practice Misconduct