Anthony Cross in FINRA’s Crosshairs For Trading in Customer Accounts without Permission
A recent case brought forth by the Financial Industry Regulatory Authority (FINRA) against financial advisor Anthony Cross of LPL Financial highlights the gravity of such allegations and the importance of investor vigilance. Unauthorized trading is a critical problem that can have devastating effects on investors’ portfolios. At Meyer Wilson, we are dedicated to fighting for our clients’ interests and have seen a innumerable amount of cases involving methods similar to Cross.
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Understanding the Allegations: The Case of Anthony Cross
On September 5, 2023, FINRA found that Cross engaged in unauthorized trading in his customer accounts. According to FINRA, without obtaining prior written consent from clients or approval from his firm, Cross conducted trades, breaching the trust placed in him and potentially harming his clients’ financial stability. This case serves as a stark reminder of the importance of due diligence in financial affairs.
Cross had previously been hit with a regulatory action by the Oklahoma Department of Securities for the same problem – unauthorized trading – two years prior. He served a license suspension for the violation in 2021.
Decoding FINRA’s Stance on Discretionary Trading
FINRA’s rules are designed to protect investors from the risks associated with discretionary trading. The advisor’s actions, which bypassed the need for client consultation on each transaction, violated these protective measures. Understanding and adhering to these regulations is paramount for maintaining the integrity of the advisor-client relationship.
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The Critical Role of Investor Awareness
Investors must remain informed and proactive in monitoring their financial advisors’ activities. Unauthorized trading can undermine not only financial security but also the essential trust that underpins the advisor-client relationship. Vigilance is key to safeguarding investments against misconduct like unauthorized trading.
It is crucial to monitor account activities and report any suspicious behavior promptly. If malpractice is suspected, FINRA Arbitration may offer a path to recourse, and consulting with an investment fraud law firm like Meyer Wilson is highly advisable.
Meyer Wilson, with its extensive experience and impressive track record, provides a beacon of hope for those affected by investment fraud. If you have been impacted by unauthorized trading or similar issues, contact us at 866-938-2021 or visit our website at investorclaims.com.
We are actively investigating the allegations against Anthony Cross and his associated firms and encourage anyone affected to reach out for a free consultation to explore recovery options.
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Contact Us for Help with Anthony Cross Misconduct
Unauthorized trading is a serious offense that can erode the foundation of trust between investors and their financial advisors. It is essential for investors to be vigilant and take proactive steps to protect their financial interests. If you suspect any form of malpractice, do not hesitate to seek expert advice and consider FINRA Arbitration for potential recovery. Remember, with the right support, you can navigate the complexities of investment fraud and secure your financial future.
Written By: Courtney Werning
Recovering Losses Caused by Investment Misconduct.