Acting through Searle, the Firm shared approximately $326,000 worth of profits in the account of a customer of another FINRA member firm. Neither the firm nor Searle contributed financially to the customer’s account; and, therefore, neither could share in the profits in direct proportion to their financial contributions to the account.
The Firm failed to establish, maintain, and enforce adequate WSPs related to sharing in profits and losses in FINRA member firms’ customer accounts.
Searle & Co.: Censured; Fined $10,000 jointly/severally with Searle; Fined Additional $5,000
Robert Southworth Searle: Censured; Fined $10,000 jointly/severally with Searle & Co.