A pending investor complaint against Ameriprise Financial Services brokers and investment advisers Bob Hartland (CRD# 2253564) and Kristine Hartland (CRD#...Read More
Donald Logan: Former Waddell & Reed Advisor Suspended Over Discretion Allegations
A disciplinary action taken by the Financial Industry Regulatory Authority against former Silverdale, Washington broker and investment advisor Donald Logan (CRD# 5537486) suspended him over allegations he exercised discretionary authority in customer accounts without proper authorization. A former representative of Waddell & Reed, Logan was fined $25,000 and suspended for 18 months.
According to a Letter of Acceptance, Waiver and Consent (No. 2015046378601) dated February 2019, Donald Logan “exercised discretionary trading authority approximately 365 times in approximately 42 customer accounts” from September 2014 until September 2018 without receiving his customers’ prior written authorization or his member firms’ prior written approval of the accounts for discretionary trading. FINRA’s findings also state that he executed 11 unauthorized trades in three customer accounts, and caused three clients “to sign nine blank or incomplete account-related forms” which he intended to make use of in future customer transactions. As a result of the foregoing alleged conduct, Donald Logan was suspended from associating with any FINRA member in any capacity for 18 months. He was also ordered to pay a fine of $25,000.
Donald Logan’s disclosure records also list two settled or pending customer complaints against him. A complaint filed in 2015, concerning his conduct as a representative of Edward Jones, alleged that Logan told the customer “the returns from investments would pay the premiums” for an insurance policy; the complaint reached a settlement of $22,721. A pending complaint filed in 2019, concerning his conduct as a representative of Waddell & Reed, alleges that he provided unsound advice related to a long-term care policy paid for by funds withdrawn from an IRA, which allegedly resulted in “unexpected, additional income and property taxes for the year.” The complaint alleges damages of $8,225.
Donald Logan’s records also list two employment separations. He was discharged from Waddell & Reed in September 2018 over allegations he possessed “multiple blank client-signed forms and altered client-signed documents’ in contravention of the firm’s rules. He was also discharged from Edward Jones in July 2015 over allegations he violated firm rules concerning discretionary orders.
Donald Logan is not currently registered as a broker or investment advisor. His employment history includes Waddell & Reed and Edward Jones, both in Silverdale, Washington. He currently holds no state licenses and has passed three securities industry qualification examinations.