FINRA Fines, Suspends Broker for Failure to Supervise
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.