Improper Trading Leads to Finra Charges

Finra has charged former broker David Randall Lockey with profiting from improper trading of client accounts for about two years. According to the Finra complaint, Mr. Lockey had engaged in unsuitable short-term trading and switching mutual funds and unit investment trust involving four accounts from May 2012 to March 2014. Lockey was associated with SWS Financial Services.

Effects of Unsuitable Trading and How Starr Austen Can Help

Mr. Lockey’s activities resulted in his own personal gain, to the tune of $75,730. Three of his four clients accrued a combined loss of $15,699. The fourth client, a retired engineer, benefited from a small gain of $4,948.

Lockey has not been a registered representative for any brokerage firm since April 2014, according to the Finra document. A spokesman for SWS declined to comment and Lockey did not return a phone or email seeking a statement.

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