September 8, 2023 – An AWC was issued in which Shields was assessed a deferred fine of $5,000 and suspended from association with any FINRA member in all capacities for 15 business days. Without admitting or denying the findings, Shields consented to the sanctions and to the entry of findings that he exercised discretion in a customer’s account without prior written authorization from the customer and without his member firm having approved the account for discretionary trading. The findings stated that Shields acted on oral instructions he received from the customer’s family member in effecting securities transactions in the customer’s brokerage account. Shields mistakenly believed that he was authorized to accept such instructions to effect the transactions at issue.
The suspension was in effect from September 18, 2023, through October 6, 2023. (FINRA Case #2020066995301)