Theodore Edward Williams Jr. (CRD #468315, Registered Representative, Lake Forest, Illinois) submitted a Letter of Acceptance, Waiver and Consent in which he was fined $5,000 and suspended from association with any FINRA member in any capacity for 10 business days. See FINRA Case #2010022258901. Williams has been registered with Raymond James & Associates, Inc., in Chicago since April 2011, and previously was registered with Howe Barnes Hoefer & Arnett, Inc., in Chicago.
Without admitting or denying the findings, Williams consented to the described sanctions and to the entry of findings that he effected trades on a discretionary basis in a joint account his customer controlled, without the customer’s prior written authorization and his member firm’s prior written acceptance of the account as discretionary. The findings stated that Williams engaged in discretionary trading within the customer’s account despite the fact that his firm’s procedures did not permit discretionary trading in brokerage accounts.
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