The Financial Industry Regulatory Authority (FINRA) recently fined and
suspended former Raymond James broker Karen L. Fence of New Jersey for
failing to supervise the activities of a representative.
FINRA’s entry of findings alleged that Ms. Fence was responsible
for the supervision of a representative while at Raymond James. Ms. Fence
failed to take appropriate action to supervise the activities of the representative
who was engaging in excessive and
unsuitable trading in bonds and
mutual funds in elderly customers’ accounts.
Without admitting or denying the findings, Fence consented to the described
sanctions – a $5,000 fine and a six month suspension from associating
with any FINRA member in any principal capacity. The suspension is in
effect from February 16, 2010, through August 15, 2010.