Aura Financial Services, Inc. and Timothy Michael Gautney (Principal)
Acting through Gautney, Aura Financial Services failed to
- establish, maintain and enforce an adequate supervisory system and adequate written supervisory procedures to detect and prevent excessive trading in customer accounts;
- reasonably supervise registered representatives; and
- respond to red flags indicating the representativesí apparent excessive trading.
The Firm failed to comply with a previous Offer of Settlement, which Gautney signed on the firmís behalf, requiring each to pay $100,000 in restitution to customers; approximately half of which remains unpaid.
Gautney failed to respond to a FINRA request to provide testimony.
Aura Financial Services, Inc.: Suspended from association with any FINRA member until a total of $42,166.60, plus interest, is paid in restitution to customers.
Timothy Michael Gautney: Ordered to pay a total of $42,166.60, plus interest, in restitution to customers; Barred from association with any FINRA member in any Principal capacity; Suspended 8 months all capacities