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Michael Kane: FINRA Suspends Virginia Beach Financial Advisor
A disciplinary action taken by the Financial Industry Regulatory Authority against Virginia Beach, Virginia broker and investment advisor Michael Kane (CRD# 704604) suspended him over allegations he exercised discretionary authority in customer accounts without proper authorization from his customers. A representative of Davenport & Company, Kane was suspended for 15 days and issued a fine of $2,500.
According to a Letter of Acceptance, Waiver and Consent (No. 2018059155702) dated July 2019, Michael Kane was registered with Davenport & Company as a General Securities Representative and General Securities Principal when, between April and August 2017, he effected 64 discretionary trades in the accounts of 19 firm customers. FINRA’s findings state that none of the clients in question had provided Kane with advance written authorization to use discretionary authority in their accounts, although certain of the 19 customers had provided express or implied authorization to do so. FINRA adds that his firm had not provided approval for discretionary trading in any of the relevant accounts. His activities, according to FINRA, constituted violations of NASD Rule 2510(b), which forbids representatives from using discretionary authority without prior written authorization from customers and prior written approval from the firm, and FINRA Rule 2010, which concerns standards of commercial honor and principles of trade. As a result of the foregoing alleged conduct, he was suspended from associating with any FINRA member in any capacity for 15 days. He was also ordered to pay a fine of $2,500.
Michael Kane is currently registered with Davenport & Company in Virginia Beach, Virginia, where he has been registered since 1994. He was previously registered with Prudential Securities in New York, New York. He currently holds 25 state licenses—including Arizona, California, Colorado, Connecticut, Georgia, Illinois, New Jersey, New York, Oregon, Texas, and Virginia—and has passed six securities industry qualification examinations.