Edward Scott Short (CRD #2462752, Melville, New York)

An AWC was issued in which Edward Scott Short (CRD #2462752) was assessed a deferred fine of $5,000, suspended from association with any FINRA member in all capacities for seven months, and ordered to pay $116,859, plus interest, in deferred restitution to customers. Without admitting or denying the findings, Short consented to the sanctions and to the entry of findings that he willfully violated the Best Interest Obligation under Rule 15l-1 of the Exchange Act (Regulation BI) by recommending a series of trading in an elderly customer’s account that was excessive, unsuitable, and not in the customer’s best interest. The findings stated that the customer relied on Short’s advice and routinely followed his recommendations and, as a result, Edward Scott Short exercised de facto control over the customer’s account. As a result of Short’s trading, the customer’s account generated $116,859 in commissions and resulted in approximately $185,000 in trading losses, an annualized cost-to-equity ratio of 76.53 percent, and an annualized turnover rate of 47.49. The suspension is in effect from February 6, 2023, through September 5, 2023. (FINRA Case #2020065683302)