Finra bars broker who was named to inherit 91-year-old customer’s waterfront condo

Douglas Wayne Studer agreed to be barred from the securities industry.

Finra has barred a former broker who was named in estate documents to inherit his 91-year-old customer’s waterfront condominium in Fort Lauderdale, Fla.

Douglas Wayne Studer was investigated by the Financial Industry Regulatory Authority Inc. for potentially violating his former employer’s firm policy by being named in his customer’s estate documents, according to a settlement notice accepted Monday by Finra’s department of enforcement.

Finra said it began investigating the former broker in 2015. On Aug. 2, Mr. Studer was asked to give on-the-record testimony but he refused to appear. In settling the matter, Mr. Studer agreed to be barred without admitting or denying Finra’s finding.

Gregg Breitbart, Mr. Studer’s counsel, declined to comment. Mr. Studer could not be reached for comment.

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Mr. Studer, who had been a broker for 15 years, worked for Kovack Securities Inc., from Oct. 8 until his termination in July. There are two customer disputes listed on Mr. Studer’s BrokerCheck profile, both of which have been closed.