Erez Law is investigating claims regarding William Bradford Coolidge (CRD #1636957, Cordova, Tennessee), also known as Brad Coolidge and William B. Coolidge. Coolidge recently submitted a Letter of Acceptance, Waiver and Consent in which he was barred from association with any FINRA member in any capacity. See FINRA Case #2012032916701. Coolidge was registered with was registered with Stifel, Nicolaus & Co., Inc. from March 2008 until his termination in June 2012. Coolidge previously was registered with Wachovia Securities, LLC.
Without admitting or denying FINRA’s findings, Coolidge consented to the permanent bar and to the entry of findings that he made trades in the accounts of his elderly customers without obtaining their prior written authorization and the firm’s acceptance of the accounts as discretionary. FINRA found that Coolidge implemented a trading strategy in elderly customers’ Individual Retirement Accounts (IRAs) and individual accounts to switch mutual funds and unit investment trusts (UITs) to other mutual funds or UITs after holding the investments for a short time period. In one instance, Coolidge effected mutual fund and UIT purchases and sales in the customer’s IRA account after holding the investments for a short time period. Coolidge’s recommendations not only were inconsistent with the customer’s account objectives, but also unsuitable in light of the customers’ age, investment objectives, and risk profile or annual income. In all, Coolidge’s elderly customers incurred losses of The elderly customers incurred losses of $195,127.37 and paid commissions totaling $168,091.21.
Pursuant to FINRA Rules, Stifel, Nicolaus & Co., was responsible for properly supervising Coolidge’s activities during the time Coolidge was registered with the firm. Therefore, Stifel, Nicolaus & Co., may be liable for investment or other losses suffered by Coolidge’s customers.
If you were a client of Coolidge or Stifel, Nicolaus & Co., and have suffered investment losses or financial irregularities, please contact Erez Law to explore your legal options. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies. To learn more, please call us at 888-840-1571 or complete our “contact form.”
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