A registered representative with J.W. Cole Financial, Inc. of Vermillion, Ohio, Jeff Vasiloff (CRD#: 3180004) has been suspended by the Financial Industry Regulatory Authority (FINRA) for exercising discretion in brokerage accounts, according to his BrokerCheck report accessed on September 17, 2019. On September 6, 2019, Jeff Vasiloff entered into an Acceptance, Waiver, and Consent (AWC) in which he consented to the entry of findings that he “exercised discretion without written authorization in a customer account when executing nine transactions, in violation of NASD Rule 2510(b) and FINRA Rule 2010.” As a result, he will be suspended from associating with any FINRA member firm for 10 days; the suspension will start on October 7, 2019 and last until October 18, 2019. He must also pay a $2,500 fine.
According to the AWC, this suspension comes after “LPL terminated Vasiloff’s association with the firm on July 25, 2018.” According to his BrokerCheck report, Vasiloff allegedly used discretion without the required written authorization. What is unauthorized trading? Unauthorized trading, or unauthorized transactions, occurs when a broker trades within a non-discretionary account without informing their client. Did your broker call you before every trade they made in your portfolio? Did you recognize every trade listed on the monthly or quarterly statements your brokerage firm submitted to you? If not, your broker may have exercised discretion without the proper approval, which is a violation of FINRA Rule 2010.
Over his 20-year career in the securities industry, in addition to J.W. Cole Financial, Jeff Vasiloff has also worked for five other brokerage firms:
- LPL Financial LLC (CRD#: 6413) of Vermillion, Ohio
- Invest Financial Corporation (CRD#: 12984) of Vermillion, Ohio
- Commonwealth Financial Network (CRD#: 8032) of Waltham, Massachusetts
- Thrivent Investment Management Inc. (CRD#: 18387) of Minneapolis, Minnesota
- Lutheran Brotherhood Securities Corp. (CRD#: 4205) of Minneapolis
If Jeff Vasiloff was your broker or if you have questions about your investments, don’t hesitate to call (877) 238-4175 or email firstname.lastname@example.org for your free consultation with a securities attorney.