{"id":3035,"date":"2015-02-03T00:00:00","date_gmt":"2015-02-03T05:00:00","guid":{"rendered":"http:\/\/silverlaw.lawblogger.net\/blog\/finra-bars-herbert-kaye-for-executing-trades-without-prior-authorization\/"},"modified":"2017-12-27T16:15:27","modified_gmt":"2017-12-27T21:15:27","slug":"finra-bars-herbert-kaye-for-executing-trades-without-prior-authorization","status":"publish","type":"post","link":"https:\/\/www.silverlaw.com\/blog\/finra-bars-herbert-kaye-for-executing-trades-without-prior-authorization\/","title":{"rendered":"FINRA Bars Herbert Kaye for Executing Trades without Prior Authorization"},"content":{"rendered":"<\/p>\n

Herbert Leonard Kaye, of Delray Beach, Florida, submitted an AWC in which he was assessed a deferred fine of $25,000, which includes disgorgement of $11,000 of commissions received, and suspended from association with any FINRA member in any capacity for four months. Kaye was registered with First Allied Securities in Boca Raton, Florida from 2008-2013.\u00a0 Without admitting or denying the findings, Kaye consented to the sanctions and to the entry of findings that he entered discretionary trades in equities and ETFs in a customer\u2019s account without the customer\u2019s prior written authorization<\/a>. Kaye\u2019s member firm\u2019s written policies and procedures prohibited registered representatives from exercising discretion in customer accounts except in certain, limited circumstances that did not apply to the customer\u2019s account. The trades generated almost $175,000 in gross commissions<\/a> and fees.\u00a0 Accordingly, it appears that Kaye may have executed some trades simply to generate additional fees or commissions.\u00a0 This is typically referred to as churning<\/a>.<\/p>\n

The findings also stated that Kaye recommended his customer invest $1.1 million in a gold and precious minerals fund that was not suitable for her in light of her moderate risk tolerance, investment objective of growth and income, desire to avoid market fluctuations, the concentrated nature of the investment and her age. Kaye received $11,000 in gross commissions<\/a>\u00a0for the investment.\u00a0 Cases involving precious metals<\/a> have become prevalent as advisors recommend gold and other metals to their clients.<\/p>\n

If you invested money with Herbert Leonard Kaye, you may be entitled to recover some of you investment losses. Please call our securities law firm<\/a> toll free at (800) 975-4345 to speak to an attorney to find out how we may be able to help you recover some of your investment losses.<\/p>\n

Continue reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

Herbert Leonard Kaye, of Delray Beach, Florida, submitted an AWC in which he was assessed a deferred fine of $25,000, which includes disgorgement of $11,000 of commissions received, and suspended from association with any FINRA member in any capacity for four months. Kaye was registered with First Allied Securities in Boca Raton, Florida from 2008-2013.\u00a0 […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[589,580],"tags":[],"class_list":["post-3035","post","type-post","status-publish","format-standard","hentry","category-churning-2","category-stockbroker-misconduct"],"yoast_head":"\nFINRA Bars Herbert Kaye for Executing Trades without Prior Authorization — Securities Arbitration Lawyers Blog — February 3, 2015<\/title>\n<meta name=\"description\" content=\"Herbert Leonard Kaye, of Delray Beach, Florida, submitted an AWC in which he was assessed a deferred fine of $25,000, which includes disgorgement of — February 3, 2015\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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