Jacob Leddy Suspended by FINRA for Allegedly Improperly Retaining Client Information
Jacob Leddy (CRD #: 6073108), a broker registered with RBC Capital Markets, was suspended by FINRA, according to his BrokerCheck record, accessed on July 4, 2023. Investors may have also engaged his services through RBC Wealth Management. Keep reading if you want to know more about his alleged conduct as a broker.
FINRA Suspension
On May 9, 2023, Jacob Leddy consented to the entry of findings that he allegedly removed and retained nonpublic personal client information following his resignation from Merrill Lynch, Pierce, Fenner & Smith.
According to a Letter of Acceptance, Waiver & Consent (AWC), Jacob Leddy allegedly removed client information from Merrill Lynch in anticipation of joining a different firm. He allegedly took photographs of 104 clients’ account information in Merrill Lynch’s electronic systems, including client names, dates of birth, social security numbers, and account numbers.
Jacob Leddy allegedly took these photographs between May 29 and 31, 2021, without the consent of his clients or firm. On June 3, 2021, he allegedly resigned from Merrill Lynch and retained this information.
The AWC concluded that these allegations constitute violations of FINRA Rule 2010.
FINRA Rule 2010
FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade.
Regulation S-P
Firms are required to safeguard their clients’ personal information under Regulation S-P, which restricts firms from disclosing client information to unaffiliated third parties without proper disclosure.
Sanctions
Jacob Leddy consented to the following sanctions:
- $5,000 fine
- 10-business day suspension
His suspension ran from June 5 to June 16, 2023.
You can read the full AWC here.
Background Information
Jacob Leddy has passed the following exams:
- Series 66 – Uniform Combined State Law Examination
- Series 57TO – Securities Trader Exam
- SIE – Securities Industry Essentials Examination
- Series 7 – General Securities Representative Examination
- Series 56 – Proprietary Trader Qualification Examination
Jacob Leddy is a registered broker in 23 states and the District of Columbia. He is also a registered investment adviser in Maryland and Texas.
He has also worked for Merrill Lynch, Pierce, Fenner & Smith (CRD#:7691) and T3 Trading Group (CRD#:154431).
Kurta Law Can Help
If you worked with Jacob Leddy and you have concerns about your investments, please contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.
For over 20 years, Kurta Law has advocated on behalf of investors who want 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.
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