In a recent decision of the FINRA Regulatory Authority (FINRA), Andrey V. Tkatchenko was fined $10,000.00 and given a 15-day business suspension for marking trade tickets and trade confirmation relating to stock purchase transactions as being unsolicited, when in fact they were solicited.
FINRA Rule 3110(a) requires that FINRA member firms “make and preserve books, accounts, records, memoranda, and correspondence in conformity with all applicable laws, rules . . . as prescribed by the Securities Exchange Act of 1934 and Rule 17a-3. Rule 17a-3, in turn, requires that member firms keep [a] memorandum of each brokerage order, and of any other instructions, given or received for the purchase or sale of securities.”
The mismarking of order tickets as unsolicited, when in fact they are solicited, is a known, old trick designed to hide improper and unauthorized trading activity in customer accounts.
If you feel you have been subjected to unauthorized trading or other investment fraud, we offer a free initial consultation..
The Law Offices of Timothy J. O’Connor is one of the only law firms practicing securities law in the Tri-City Capital District of Albany, Schenectady and Troy. We also represent victimized investors throughout the rest of New York State, including Buffalo, Binghamton, Syracuse, Watertown, Utica, Kingston, New York City/Manhattan, Long Island, and everywhere in between, as well as in the surrounding states of Massachusetts, Vermont, New Hampshire, Connecticut, and New Jersey.