The US Securities and Exchange Commission is investigating Westlake Village, California stockbroker Thomas Swan (CRD# 1698430) over alleged violations of...Read More
Arlyn Stokesbary: Slayton, Minnesota Financial Advisor Suspended
A disciplinary action taken by the Financial Industry Regulatory Authority against former Slayton, Minnesota broker and investment advisor Arlyn Stokesbary (CRD# 1717430) suspended him over allegations he improperly exercised discretion in 20 customers’ accounts. A former representative of Thrivent Investment Management, Stokesbary was suspended for 15 days and ordered to pay a fine of $5,000.
According to a Letter of Acceptance, Waiver and Consent (No. 2018059898701) dated August 2019, Arlyn Stokesbary was registered with Thrivent investment Management from 2002 until August 2018, when the firm terminated his registration. In August 2017, according to FINRA, the firm inquired about Stokesbary’s execution of “trades for two unrelated customers on the same day within a period of several minutes.” He informed the firm that he had not spoken to either customer on the day he executed the transactions, which he said he executed “based on the customers’ previous verbal authorization.” The firm allegedly then informed him that its procedures forbade the exercise of discretionary authority over client accounts, directing him not to execute trades in client accounts without receiving the clients’ confirmation of trade instructions on the day of the trade. In spite of this instruction, according to FINRA, Stokesbary proceeded to executed “approximately 109 trades in the accounts of 20 customers without contacting the customers” on the day of the trade. He allegedly lacked written authorization from these customers to exercise discretion in their accounts, and never requested firm permission to exercise discretion nor received firm approval. As a result of the foregoing alleged conduct, Stokesbary was suspended from association with any FINRA member in any capacity for 15 days. He was also ordered to pay a fine of $5,000.
Arlyn Stokesbary’s disclosure records also list one employment separation: specifically, his August 2018 discharge from Thrivent Investment Management over allegations he failed to stop engaging in “improper trading practices in commission-based Brokerage Accounts after being educated.”
Arlyn Stokesbary is currently not registered as a broker or investment advisor. His employment history includes Thrivent Investment Management in Slayton, Minnesota and Lutheran Brotherhood Securities Corporation in Minneapolis, Minnesota. He currently holds zero state licenses and has passed six securities industry qualification examinations.