The Financial Industry Regulatory Authority (“FINRA”) has determined that Michigan stockbroker Peter T. Frawley made trades in at least one customer’s account without obtaining the customer’s permission for the trades. This type of misconduct is one of the more common forms of investment fraud and stockbroker misconduct.
Mr. Frawley worked for brokerage firm Robert W. Baird Co. Incorporated in an office located Birmingham, Michigan, in the greater-Detroit area. He was fired after admitting that he exercised discretionary trading authority without the customer’s authorization. FINRA, the securities industry’s self-regulatory body, has initiated formal disciplinary action against Mr. Frawley as a result of this misconduct. The national securities law firm of Dimond Kaplan & Rothstein, P.A. represents at least one Michigan resident who lost money as a result of, among other things, excess commissions charged and losses sustained from the unauthorized trading.