Wunderlich Securities Broker Fined and Suspended for Unauthorized Discretionary Trades
Merid Amde, a former registered representative with the Birmingham, Michigan office of Wunderlich Securities, Inc. (Wunderlich), submitted an Offer of Settlement in which he consented to, but did not admit to or deny, the Financial Industry Regulatory Authority’s (FINRA) findings that he entered discretionary trades in a customer’s account without the necessary prior written customer authorization and made false and exaggerated account valuations. According to FINRA, Merid Amde, of Bloomfield, Michigan, executed approximately 55 discretionary transactions in a customer’s accounts without the customer’s written authorization and without the accounts designated as discretionary by his member firm. Further, FINRA found that Mr. Amde mismarked 36 order tickets as unsolicited when they were actually solicited in order to purchase low-priced equities and various unit investment trusts (UITs).
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