Finra Bars Broker Fired Over Allegations of Unsuitable Trading
Industry self-regulator Finra has barred an advisor who had resigned from his firm following allegations of inappropriate trading, according to a letter of acceptance, waiver and consent from the regulator.
William Brunner, who’d been in the securities industry since 1995, was allowed to resign from Investment Planners Inc. last May following allegations by one of its clients that Brunner had misused his discretion in the client’s accounts, according to Finra.
When the firm asked for phone records and a written response, Brunner sent in his resignation. Last month, Finra asked Brunner to appear for on-the-record testimony related to allegations of excessive trading and misuse of discretion but the former advisor said he would not appear, for which he was barred, according to the letter of consent.
Brunner has been registered with eight different practices since he started in the industry 23 years ago, according to his BrokerCheck profile.
In 1998 the National Association of Securities Dealers fined Brunner $20,000, ordered him to pay close to $25,000 in restitution and suspended him from doing business with any NASD member firm for a month following his consent to NASD’s findings that he had misrepresented and omitted disclosures tied to to recommendations he had made to clients and made “fraudulent price predictions” about his recommendations as well as failed to execute an order, according to Finra’s consent letter.