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FINRA Bars Head Trader and Chief Compliance Officer

David P. Meyer, Esq.

The Financial Industry Regulatory Authority (FINRA) announced today that it permanently barred the former Chief Compliance Officer and Head Trader (Tod Bretton) for Prestige Financial, Inc. of New York, for "engaging in a fraudulent trading scheme that generated approximately $1.3 million in profits for him and his firm at the expense of customers by subjecting their orders to improper and undisclosed additional charges." It is only too bad that Bretton was able to engage in this scheme for nearly 3 years before he was stopped. According to FINRA, he covered up his fraud by creating false order tickets and trade confirmations. Bretton had no prior FINRA disciplinary history, but he is now barred from ever being associated with any FINRA member, in any capacity.

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