J. P. Morgan Securities said this week that it had fired a broker accused of making unauthorized trades in a customer’s account — and reaping fees that were 10 times the typical amount — three months after settling with the customer and several weeks after The New York Times reported on the dispute.
The broker, Trevor Rahn, was discharged on Sept. 17, according to a regulatory disclosure filing that cited “unacceptable practices” related to the “timing and size of orders entered and resulting transaction charges in a client account.”
The filing, available through the Financial Industry Regulatory Authority’s BrokerCheck tool, also said Mr. Rahn had marked some of the orders at issue as authorized by the customer.
J. P. Morgan confirmed on Monday that it no longer employed Mr. Rahn, but declined to comment further. Mr. Rahn could not be reached for comment.
Source: The New York Times