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Chuck Laubach: FINRA Suspends Timonum, Maryland Advisor
A disciplinary action taken by the Financial Industry Regulatory Authority against former Timonum, Maryland broker and investment advisor Chuck Laubach (CRD# 1097453) suspended him over allegations he improperly engaged in discretionary trading in customer accounts. A former representative of Capitol Portfolio Management, Laubach was suspended for 10 months and issued a fine of $5,000.
According to a Letter of Acceptance, Waiver and Consent (No. 2018057298401) dated June 2019, Chuck Laubach was registered with Capitol Portfolio Management when, between July 2016 and March 2018, he executed “approximately 60 discretionary transactions in the accounts of nine customers” without first receivin those customers’ prior written authorization or his firm’s acceptance of the accounts in question as discretionary. FINRA found these activities to constitute violations of FINRA Rule 2010 and NASD Rule 2510(b). As a result of the foregoing alleged conduct, he was suspended from associating with any FINRA member in any capacity for ten days. He was also ordered to pay a fine of $5,000.
Chuck Laubach’s disclosure records also list several settled or pending customer complaints against him.
A pending 2017 complaint alleges that as a representative of Chapin Davis, he did not properly credit the claimants with their GSV Capital Corporation dividend election. The complaint alleges unspecified damages.
A 2012 complaint alleged that as a representative of Wells Fargo Advisors, he executed unauthorized trades between 2004 and 2012. The complaint reached a settlement of $20,000.
A 2005 complaint alleged that as a representative of Morgan Stanley DW, he made unsuitable investment recommendations, churned the account, and misappropriated funds. The complaint reached a settlement of $32,500.
Chuck Laubach is currently not registered as a broker or investment advisor. His employment history includes Capitol Portfolio Management in Timonium, Management; Chapin Davis in Baltimore, Maryland; Ameriprise Financial Services in Timonium, Maryland; Wells Fargo Advisors in Lutherville, Maryland; Morgan Stanley DW in Purchase, New York; Smith Barney in New York, New York; and Merrill Lynch. He currently holds zero state licenses and has passed six securities industry qualification examinations.