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.
- Investment Loss Recovery Options For Investors In The 1INMM Capital, LLC Ponzi Scheme Perpetrated By Actor Zachary Horwitz a/k/a Zachary Avery
- J.W. Cole Financial, Inc. Sanctioned by FINRA for Sales Practices Relating To Sales And Supervision Of LJM Preservation & Growth Fund
- Cambridge Investment Research, Inc., Sanctioned by FINRA for Sales Practices Relating To Sales And Supervision Of LJM Preservation & Growth Fund
- Former Torch Securities Broker Jeremy Johnson Barred By FINRA After Allegedly Making Misrepresentations To Customers
- Former Lincoln Douglas Investments Broker Herbert G. Frey Sanctioned By FINRA For Alleged Unauthorized Trading
- Two Customer Complaints Pending Against Ausdal Financial Partners, Inc. Investment Advisor and Broker Kurt Baldry
- Concorde Investment Services Broker, Mark Huber, Has Two Customer Complaints, Alleging Sales Practice Misconduct
- Unsuitability Allegations Pending Against Previously Registered Voya Financial Advisors, Inc. Financial Advisor and Broker David R. Wall
- Common Types of Alternative Investments
- Did You Purchase GPB Capital Holdings Private Placements Through McNally Financial Services Or Daniel Poland