Dave Hajra Suspended By FINRA Following Allegations of Unauthorized Trading
Dave Hajra (CRD #: 2212337), an investment advisor and broker with Benjamin F. Edwards & Company, INC, is the subject of a FINRA suspension, according to his BrokerCheck record, accessed on October 20, 2021. This suspension stems from allegations related to executing unauthorized trades in violation of FINRA Rule 2020. Keep reading if you have concerns about Dave Hajra’s conduct as a broker.
According to an Acceptance, Waiver, and Consent agreement dated August 20, 2021, Dave Hajra consented to the findings that he executed nine unauthorized trades with a total principal value of $526,966 in his deceased customer’s account in June and July 2018.
FINRA indicated that the matter originated from reviewing Form U5 that Wells Fargo filed on December 18, 2019.
According to FINRA, the customer, who was elderly, maintained an account at Wells Fargo with Dave Hajra assigned as her broker. The account had been a non-discretionary account since 2014. At least eight days prior to her death, the customer met with Dave Hajra and authorized him to make several trades in her account, primarily in unit investment trusts and bonds. Authorization, however, expires upon the investor’s death.
On June 8, 2018, the customer passed away, and Dave Hajra allegedly had not affected any of the trades. On June 26, 2018, 18 days after his customer’s death, he allegedly executed the first of the transactions. Between June 28, 2018, and July 18, 2018, he allegedly executed the eight remaining trades. The total value of the transactions was $526,966.
Dave Hajra allegedly violated FINRA Rule 2010. FINRA Rule 2010 requires associated persons to observe high standards of commercial honor and just and equitable principles of trade.
You can read a copy of the AWC here.
FINRA Suspension and Fine
As part of the terms of the AWC, Dave Hajra consented to:
- A 30-day suspension
- A $5, 000 fine
On November 21, 2019, Wells Fargo Clearing Services, LLC. fired Dave Hajra following allegations that he affected unauthorized trades in a client’s account.
Dave Hajra Background Information
Dave Hajra has passed the following exams:
- Series 66 – Uniform Combined State Law Examination
- Series 63 – Uniform Securities Agent State Law Examination
- SIE – Securities Industry Essentials Examination
- Series 31 – Futures Managed Funds Examination
- Series 7 – General Securities Representative Examination
- Series 10 – General Securities Sales Supervisor – General Module Examination
- Series 9 – General Securities Sales Supervisor – Options Module Examination
- Series 8 – General Securities Sales Supervisor Examination (Options Module & General Module)
Dave Hajra is a registered broker in 12 states and is a registered Investment adviser in Georgia
Besides Benjamin F. Edwards & Company, Dave Hajra has worked with the following firms:
- Wells Fargo Clearing Services, LLC (CRD#:19616)
- G. Edwards & Sons, INC. (CRD#:4)
- Mclaughlin, Piven, Vogel Securities, INC. (CRD#:7404)
Kurta Law Can Help
If you have suffered losses after working with Dave Hajra, don’t hesitate to contact us today at 877-600-0098 or firstname.lastname@example.org for a free consultation.
For nearly 20 years, Kurta Law has advocated for investors to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm and exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf.