Securities Lawyers Blog
According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker M Schreiber (Schreiber), previously associated with Aegis Capital Corp., has at least one disclosable event. These events include one regulatory event, alleging that Schreiber recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.
FINRA BrokerCheck shows a final customer complaint on October 31, 2022.
Without admitting or denying the findings, Schreiber consented to the sanctions and to the entry of findings that he exercised discretion without written authorization. The findings stated that Schreiber exercised discretionary trading authority when he executed securities transactions in customer accounts. The customers did not provide Schreiber with prior written authorization for his use of discretion, and his member firm did not approve the accounts as discretionary. The findings also stated that Schreiber caused the firm to make and preserve inaccurate and incomplete books and records. Schreiber improperly marked 181 order tickets as ‘unsolicited’ when in fact he had solicited them because he had recommended the transactions to the customers, causing the firm to maintain inaccurate books and records with respect to these trades. In addition, Schreiber used his personal email address to communicate with firm customers about securities transactions in their firm accounts. Schreiber did not disclose his use of his personal email to the firm, or provide the firm with copies of his electronic correspondence with the customers, causing the firm to maintain incomplete records of his business-related communications. Schreiber also falsely stated on the firm’s annual compliance questionnaires that he did not exercise discretionary authority in any customer accounts, and that he did not use a personal email address for business-related communications.