Finra fines former Merrill broker $10,000 for unauthorized stock purchases
Joseph Yanofsky arranged the buys without getting customers' approval.
A former Merrill Lynch broker has accepted a 20-day suspension and a $10,000 fine for his role in securing new-issue stocks for his clients without their written consent.
The broker, Joseph Yanofsky, was employed by Merrill Lynch in its Greenwood Village, Colo., office from 1990 to 2015, when he was discharged by the firm for allegations related to exercising discretion in non-discretionary accounts, providing inaccurate responses to internal compliance questionnaires, directing an employee to enter trades using another employee’s user identification and password, and failing to report a customer complaint on a timely basis. These activities took place from May 2012 to May 2015, the Financial Industry Regulatory Authority Inc. said in a letter of acceptance, waiver and consent.
Since 2015, Mr. Yanofsky has been affiliated with First Financial Equity Corp. He began his career in 1979 at Merrill Lynch and joined E.F. Hutton in 1982. He also has been affiliated with Paine Webber and Hanifen Imhoff.
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