November 2, 2023 – An AWC was issued in which Savary was fined $5,000 and suspended from association with any FINRA member in all capacities for one year. Without admitting or denying the findings, Savary consented to the sanctions and to the entry of findings that he participated in private securities transactions by executing securities purchases totaling $1,746,309 in another person’s brokerage account, held away from his member firms, over which he had discretionary authority. The findings stated that Savary entered into a written trading authorization agreement with the person that granted him full investment authority over that person’s self-directed brokerage account. Savary accessed the account online, using the person’s username and password, and executed securities transactions. Savary received $234,532 in compensation from the account’s owner for his management of the account. Savary did not disclose the securities transactions to his firms.
The suspension is in effect from December 4, 2023, through December 3, 2024. (FINRA Case #2022074468401)
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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