July 5, 2023 – An AWC was issued in which Carlo was fined $2,500 and suspended from association with any FINRA member for 10 business days. Without admitting or denying the findings, Carlo consented to the sanctions and to the entry of findings that he exercised discretion with respect to transactions involving customers without prior written authorization from the customers and without his member firm having accepted the accounts as discretionary. The findings stated that the customers had given Carlo oral or implicit authorization for the transactions, however, none of the customers provided prior written authorization for him to do so. In addition, Carlo completed and submitted compliance questionnaires to the firm that inaccurately stated that he had not exercised discretionary authority in customer accounts.
The suspension was in effect from August 7, 2023, through August 18, 2023. (FINRA Case #2021070378301)
Matthew Schwartz
Matthew Schwartz represents clients harmed by lawyers, accountants, insurance professionals, real estate agents, brokers, financial advisors, and other trusted professionals. He handles Florida litigation and nationwide FINRA arbitration. He has been recognized in The Best Lawyers in America® and named to the Best Law Firms® list.
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