Howard Graham Suspended over Alleged Violations
Howard Graham (CRD# 717332), formerly a broker registered with StoneX Securities and Wells Fargo, was recently suspended by FINRA following alleged rule violations. MDF Law is currently investigating the former Ridgeland, Mississippi-based financial professional for misconduct. If you have concerns about investments you made with him, contact us for a free consultation.
To learn more about his professional history and the allegations against Mr. Graham, continue reading this post. The information below is sourced from his BrokerCheck record, a Financial Industry Regulatory Authority profile reviewed on September 25, 2024.
Why Did FINRA Suspend Howard Graham?
FINRA undertook a disciplinary action against Mr. Graham on June 25, 2024, according to his BrokerCheck profile. As alleged, he failed to comply with an arbitration award against him, or to satisfactorily provide information about the status of his compliance. As a result, the regulator indefinitely suspended him from registering with any member firm in all capacities. The disclosure notes that his suspension will continue “until required payment is made or discharged.”
Broker Fired by Two Former Firms
Two disclosures on Mr. Graham’s BrokerCheck record concern his termination from former member firms. Most recently, StoneX Securities fired him in June 2024 following his suspension by FINRA, described above. Prior to that, Wells Fargo fired him in July 2023 following allegations that he “admitted to not receiving client authorization to place trades and exercised time and price discretion.” The firm’s disclosure states that there was “no customer harm identified.”
FINRA Rules Prohibit Unauthorized Discretion
FINRA Rule 3260 makes clear that brokers like Mr. Graham may not participate in discretionary trading unless they obtain prior written authorization from their customers and prior approval from their member firm. Discretion, generally speaking, refers to instances when a broker makes trades without first consulting the customer—in other words, at their own discretion. Unauthorized discretionary trading may also violate FINRA Rule 2010, which requires brokers to uphold high standards of commercial honor. It may also violate FINRA Rule 2020, which prohibits the use of fraudulent or deceptive devices to conduct trading.
FINRA: Broker Last Based in Ridgeland, Mississippi
Howard Graham launched his career as a broker in 1980, when he registered with E.F. Hutton & Company. He went on to work with a variety of firms over the years, including J.C. Bradford & Company, Painewebber, Stifel Niclaus, and Wells Fargo Clearing Services. His most recent registration, with StoneX Securities’ office in Ridgeland, Mississippi, lasted from September 2023 until his firing in July 2024. He is currently under suspension and not registered with any broker-dealer firm.
Investment Losses? Call MDF Law
Are you a former client of Howard Graham with concerns about your investments? Does your account include unsuitable products, investments whose purchase you did not authorize, or whose risks were not fully disclosed? You may have grounds to file a FINRA arbitration claim to recover losses. MDF Law’s seasoned broker fraud attorneys have lengthy experience advocating for investors, securing tens of millions in recoveries. We take cases on a contingency basis, which means clients only pay a fee if they win. We also provide free consultations to investors nationwide. Call 800-767-8040 to speak with a lawyer today.