Did Paul Andrew Spero Cause You Investment Losses?
Paul Andrew Spero of East Syracuse, New York submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) in which he was fined $5,000 and suspended from association with any FINRA member in all capacities for a period of 15 days. The sanctions were based on findings that he allegedly exercised discretionary trading without authorization in violation of NASD Rule 2510(b) and FINRA Rule 2010. The suspension was in effect from May 17, 2021, through June 7, 2021.
In September 1993, Paul Andrew Spero joined Cadaret, Grant & Co., Inc and became registered as a General Securities Representative. According to FINRA’s findings, from August 2017 and August 2018, Spero allegedly exercised discretionary trading in 70 customers’ accounts effecting approximately 105 transactions. The findings state that although the customers knew that Spero was exercising discretion in their accounts, Spero had failed to obtain written authorization from the customers or approval from his member firm to exercise discretion in the accounts. Paul Andrew Spero is still registered with Cadaret and remains subject to FINRA’s jurisdiction.
NASD Rule 2510(b) prohibits registered representatives from “exercising any discretionary power in a customer’s account” unless the customer has provided prior written authorization to the representative and the account has been accepted as a discretionary account, in writing, by the representative’s member firm. A violation of NASD Rule 2510(b) is also a violation of FINRA Rule 2010, to “observe high standards of commercial honor and just and equitable principles of trade.”.
Do You Need a New York FINRA Securities Arbitration Attorney?
Are you a New York investor who has suffered significant losses in your stock brokerage and investment accounts? Did your New York stockbroker or investment advisor misrepresent facts, fail to disclose facts making the statements made false and misleading, recommend unsuitable investments or strategies, excessively trade or churn, mismanage your investment account or engage in other kinds of stockbroker misconduct? If so, you need representation by an experienced, highly-rated and nationally recognized FINRA securities arbitration attorney—a lawyer who knows FINRA rules and procedures inside and out and how to handle these FINRA arbitration cases as well as other complex legal issues.
Free Initial Consultation With Experienced FINRA Securities Arbitration Attorneys Serving East Syracuse, New York Residents In FINRA Arbitration Proceedings
At The Law Offices of Robert Wayne Pearce, P.A. we represent investors in all kinds of securities, commodities and investment law disputes in FINRA, AAA and JAMS arbitration and mediation proceedings. Attorney Pearce and his staff represent investors throughout New York, and across the United States on a CONTINGENCY FEE basis which means you pay nothing – NO FEES-NO COSTS – unless we put money in your pocket after receiving a settlement or FINRA arbitration award.
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For dedicated representation by Attorney Pearce with over 40 years of experience and success in all kinds of securities, commodities and investment law disputes serving New York citizens, contact the firm by phone at 561-338-0037, toll free at 800-732-2889 or via e-mail.
Robert Wayne Pearce
Robert Wayne Pearce of The Law Offices of Robert Wayne Pearce, P.A. has been a trial attorney for more than 40 years and has helped recover over $140 million dollars for his clients. During that time, he developed a well-respected and highly accomplished legal career representing investors and brokers in disputes with one another and the government and industry regulators. To speak with Attorney Pearce, call (800) 732-2889 or Contact Us online for a FREE INITIAL CONSULTATION with Attorney Pearce about your case.
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