Palmery Robert Desir (CRD #5559016, Islip, New York)

May 27, 2022 – An AWC was issued in which Palmery Robert Desir (CRD #5559016, Islip, New York) was fined $5,000 and suspended from association with any FINRA member in all capacities for four months. Restitution is not ordered against Desir because the customer has initiated an arbitration pertaining to Desir’s excessive trading of his account. Without admitting or denying the findings, Desir consented to the sanctions and to the entry of findings that he excessively and unsuitably traded a customer’s account. 

The findings stated that the customer’s account had average equity of approximately $700,000 and Palmery Robert Desir (CRD #5559016) recommended that the customer place trades in his account with a total principal value of $3,860,000. The customer relied on Desir’s advice and accepted his recommendations. 

Collectively, Desir’s recommended trades caused the customer to pay over $134,900 in commissions and other trading costs resulting in an annualized cost-to-equity ratio of 20 percent. This means that the customer’s account would have had to grow by more than 20 percent annually just to break even. 

The suspension is in effect from June 21, 2022, through October 20, 2022. (FINRA Case #2020066911501)