June 22, 2015
Tyler Powell entered into a Letter of Acceptance Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA) to resolve allegations that he exercised discretion in a customer’s account without obtaining prior written authorization from his customer in violation of NASD Conduct Rule 2510(b) and FINRA Rule 2010.
According to the AWC, between February 2011 and June 2013, he effected approximately 159 discretionary tranactions the account of a customer without obtaining prior written authority. The customer’s account was a non-discretionary fee-based account and the firm did not permit discretion in these type of accounts.
Powell was fined $5,000 and suspended for 15 days.
According to FINRA records, Powell is currently registered with Stifel Nicolaus. He was previously registered with Wells Fargo Advisors 5/2009-8/2014.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.
Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
Florida-561 391 1900