Alex Williams (CRD# 2646185), a broker and investment adviser based in New York, has received a pending customer complaint. According...Read More
Steven Zerbarini: Florida Advisor Suspended Over Trading Allegations
A disciplinary action taken by the Financial Industry Regulatory Authority against Safety Harbor, Florida advisor Steven Zerbarini (CRD# 2845669) suspended him over allegations he recommended exercised unauthorized discretion in customer accounts. A former representative of Next Financial and a current representative of Camelot Advisors, Zerbarini was fined $5,000 and suspended from acting as a broker for one month as a result of these findings.
According to a Letter of Acceptance, Waiver, and Consent (No. 2018059336001) dated April 2019, Steven Zerbarini exercised discretionary authority in the execution of “67 purchases of two securities in 51 non-discretionary customer accounts” over a period of two days, May 8 and May 9, 2018. According to FINRA’s findings, he executed these transactions without first receiving prior written authorization from the customers in questions, or his firm’s prior written acceptance of the accounts in question as discretionary.
FINRA’s findings state further that NASD Rule 2510(b) forbids registered representatives from using discretionary power in customer accounts without first receiving the customer’s prior written authorization and the firm’s written acceptance of the accounts as discretionary. FINRA’s findings state that Zerbarini’s conduct constituted violations of NASD Rule 2510(b), and further that violations of that rule are also violations of FINRA Rule 2010, which requires FINRA members to “observe high standards of commercial honor and just and equitable principles of trade.” As a result of the foregoing alleged conduct, Steven Zerbarini was suspended from association with any FINRA member in any capacity for one month. He was also ordered to pay a fine of $5,000.
Steven Zerbarini is not currently registered as a broker. He is registered as an investment advisor with Camelot Advisors in Safety Harbor, Florida. His employment history includes Next Financial Group, Ameriprise Financial Services, and IDS Life Insurance Company. He currently holds no state registrations and has passed seven securities industry qualification examinations.