Jeffrey Vasiloff, terminated by LPL Financial in July 2018, consented to FINRA findings that he exercised discretion in a client’s account without authorization from the client.
The Sonn Law Group is investigating allegations that Jeffrey Vasiloff committed unauthorized trades. Under FINRA Rules, brokerage firms are liable for their brokers’ misconduct or negligence and investors may be able to their investment through FINRA arbitration. Contact Sonn Law Group today or call us at 866–827–3202 for a free consultation.
Jeffrey Vasiloff (CRD#:3180004) was a broker employed by LPL Financial for a brief period in 2018 until he was terminated based on allegations of use of discretion without prior written authorization.
According to FINRA’s allegations, Vasiloff exercised discretion without written authorization in a customer account when executing nine transactions between February and March 2018. NASD Rule 2510(b) prohibits registered representatives from exercising discretion in an account unless the customer has given prior written authorization to the representative, and the representative’s firm provided written acceptance of the account as discretionary prior to the transaction.
When Vasiloff exercised discretion by executing the nine transactions mentioned above, he did not obtain written authorization from the customer to exercise his discretion. Thus, Vasiloff is accused of violating NASD Rule 2510(b).
FINRA imposed a suspension of ten (10) business days from association with any FINRA member firm in any capacity and a fine of $2,500.
Since his termination from LPL Financial, Vasiloff has obtained a position with J.W. Cole Financial, Inc. He has no other disclosures on his BrokerCheck report.
Jeffrey R. Sonn is an experienced investor losses attorney. If you suffered losses because a financial professional committed acts in violation of FINRA Rules, Mr. Sonn will protect your rights and interests. Please do not hesitate to contact the Sonn Law Group today for a free review of your claim.