Broker Ignacio Erhart Del Campo Suspended by FINRA Following Alleged Unauthorized Trades in Deceased Client’s Account
FINRA registered broker Ignacio Erhart Del Campo has been suspended for two months after allegedly engaging in unauthorized trading and exercising discretion in a client’s account without proper authorization. FINRA fined Mr. Erhart Del Campo $7,500 and ordered him to pay $19,189 plus interest in restitution.
From November 2013 through June 2017, Erhart Del Campo allegedly traded in a deceased customer’s account solely based on semi-annual discussions with the customer regarding trading strategy. Erhart Del Campo never obtained written authorization from the client or approval from the firm to trade in the client’s account on a discretionary basis. In April 2017, Erhart Del Campo allegedly completed a questionnaire that asked whether he serviced any accounts on a discretionary basis to which he falsely answered, “None.”
The client died in June 2017 and Erhart Del Campo continued to trade in the account for over two years without authorization. Between June 2017 and May 2019, Erhart Del Campo placed over 70 trades in the account, which included buying and selling around $500,000 worth of securities. These trades began while the account was held at Northeast Securities and followed the account when it was transferred to Insigneo.
Investors who suffered damages or had unauthorized trades placed by their broker may have a right to recover their losses.
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