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Palo Alto Broker Gene Gordon Suspended: Unauthorized Trades

Gene Gordon (CRD# 4744448), a broker and investment adviser associated with Fortune Financial Services, was recently sanctioned by the Financial Industry Regulatory Authority over allegations of unauthorized trading. A representative at the firm’s branch office in Palo Alto, California, Gordon was issued a 90-day suspension and a fine of $5,000.

According to a Letter of Acceptance, Waiver, and Consent (No. 2018057579701) dated November 2019, Gene Gordon was associated with Morgan Stanley as a General Securities Representative from June 2009 until February 2018, when the firm filed notice that it had discharged him in connection to allegations he made unauthorized transactions. FINRA’s findings state that it launched an investigation to his conduct after receiving the notice from Morgan Stanley. According to FINRA, from January 2013 until March 2017, Gordon was the representative of record for his customer’s IRA. That customer’s wife was also a customer of the firm, according to FINRA, but did not hold any authorization over the IRA in question. However, FINRA states, Gordon executed mutual fund transactions in the IRA based on instructions from the customer’s wife, ultimately facilitating “32 distributions from the IRA to the couple’s joint bank account,” a total of $317,704.88 in funds. He also “entered inaccurate notes in the Firm’s system in connection with certain distributions,” according to FINRA, noting that he had conferred with the customer, when in fact he had conferred with the customer’s wife. FINRA states that these transactions constituted violations of FINRA Rule 2010. As a result of the foregoing alleged conduct, he was issued a 90-day suspension from associating with any FINRA member firm in any capacity. He was also ordered to pay a fine of $5,000.

Gene Gordon has been registered with Fortune Financial Services in Palo Alto, California since 2018. His previous registrations include Morgan Stanley and Citigroup Global Markets. He has passed five securities industry qualifying examinations and his BrokerCheck report lists one state securities license. (Information current as of May 6, 2020.)

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