Sonn Law Group is investigating claims regarding Leonard Eugene Tanner (CRD #442470, Indianapolis, Indiana). Tanner recently submitted a Letter of Acceptance, Waiver and Consent (“AWC”) in which he was fined $15,000 and suspended from association with any FINRA member in any capacity for 10 business days. See FINRA Case #2014040152701. Tanner has been registered with City Securities Corp. since October 2010. Tanner previously was associated with PNC Investments.
FINRA found that between October 2010 and January 2014 Tanner exercised discretion in executing transactions in approximately 90 customer accounts without obtaining the customers’ written authorization and without City Securities’ approval of these accounts for discretionary trading. FINRA also found that Tanner received his customers’ prior verbal authorization for purchases and sales of products consistent with their investment strategies, but exercised his discretion in executing those transactions on future dates. By exercising discretion in his customers’ accounts, Tanner violated his firm’s policies and procedures, according to FINRA.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, City Securities or PNC Investments may be liable for investment or other losses suffered by Tanner’s customers.
If you were a client of City Securities, PNC Investments, or Tanner, and have suffered investment losses or financial irregularities, please contact Sonn Law Group to explore your legal options. Sonn Law Group is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies. To learn more, please call us at 844-689-5754 or complete our “contact form.”