According to a recent Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA), David Shapiro allegedly exercised discretion in a customer’s account without obtaining written authorization from his firm. In December 2012, Shapiro met with a customer to discuss the transfer of her account to him and another investment strategy. Shapiro took over the account, and, in 2014, placed 80 trades in the account. He allegedly failed to obtain written authorization from the customer and from his firm. This is against securities rules and regulations. For this, he was suspended from the industry for 15 days and fined $5,000.
Shapiro was registered with Capital Analysts, Bache Halsey Stuart Shields, L.F. Rothschild, Fahnestock & Co., Merrill Lynch, Cralin & Co., Laidlaw Adams & Peck, Prudential-Bache Securities, E.F. Hutton & Co., Lehman Brothers, Salomon Smith Barney, Gruntal & Co. and Ryan Beck & Co. He is currently registered with Stifel, Nicolaus & Co. in New York, New York and has been since August 2007. He has four customer disputes against him. Please call our Chicago-based securities law firm today to speak to an attorney about your options of bringing a claim against Stifel, Nicolaus for David Shapiro losses. The call is free with no obligation.