Accelerated Capital Broker Suspended for Unauthorized Mutual Fund Exchanges
Jeffrey Scheibner, a stockbroker formerly employed by Accelerated Capital Group, 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 for 3 months for allegedly making unauthorized mutual fund exchanges without the customers’ authorization or discretionary authority over their accounts. FINRA found that between August 24, 2015 and September 16, 2015, Jeffrey Lloyd Scheibner, of Ladera Ranch, California, exchanged 303 mutual fund positions into corresponding money market funds across 36 accounts. Mr. Scheibner allegedly did so without prior customer authorization and had no discretionary authority over the accounts. Without admitting or denying FINRA’s findings, Mr. Scheibner was suspended by FINRA for 3 months and assessed a fine of $5,000. The suspension is in effect from May 15, 2017 through August 14, 2017.
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