Laura Casey (CRD #2684465, Rumson, New Jersey)

July 17, 2024 – An AWC was issued in which Casey was assessed a deferred fine of $7,500 and suspended from association with any FINRA member in all capacities for seven months. Without admitting or denying the findings, Casey consented to the sanctions and to the entry of findings that she willfully violated the Care Obligation of Reg BI when she bought and sold products that included sales charges in the brokerage accounts of customers, who also held advisory accounts at her member firm, without considering the comparative costs of the transactions. The findings stated that Casey purchased products, including exchange-traded funds (ETFs), which required the customers to pay upfront sales charges that the customers would not have had to pay had the products been purchased in their advisory accounts. Casey then sold the securities within days of purchase, resulting in additional sales charges. In certain instances, Casey used the proceeds to make additional purchases, which resulted in additional sales charges. Casey did not have a reasonable basis to believe that placing these trades in the customers’ brokerage accounts was in the customers’ best interests in light of their intended short holding periods and the associated costs. Collectively, Casey’s trades subjected the customers to $37,757.54 in unnecessary sales charges. However, Casey’s firm identified her misconduct and reversed the transactions. As a result, the customers did not pay any unnecessary sales charges and Casey did not earn any commissions as a result of these trades. The findings also stated that Casey engaged in discretionary trading in customers’ brokerage accounts without her firm accepting any of the accounts as discretionary and without first speaking to the customers on the date of the transactions or obtaining their prior written authorization to effect the transactions. The suspension is in effect from August 5, 2024, through March 4, 2025. (FINRA Case #2022076162101)