Palmery Desir Suspended by FINRA Following Alleged Excessive Trading
Palmery Desir (CRD #: 5559016), a broker registered with Richfield Orion International, has been suspended by FINRA, according to his BrokerCheck record, accessed on July 11, 2022. Keep reading to learn more about Palmery Desir’s conduct as a broker.
Suspension by FINRA
An Acceptance, Waiver & Consent (AWC) agreement filed on May 27, 2022, alleges that Palmery Desir engaged in excessive and unsuitable trading in a client’s account between June 2018 and April 2019.
These trades allegedly resulted in $134,900 in commissions and other trading costs, and an annualized cost-to-equity ratio of 20%. For reference, FINRA considers a cost-to-equity ratio over 20% to be a sign of excessive trading.
The AWC concludes that this alleged trading activity violates FINRA Rules 2111 and 2010.
FINRA Rules 2111 and 2010
FINRA Rule 2111 requires that brokers tailor their investment recommendations to an investor’s financial goals. An investor’s profile includes information about their risk tolerance, tax status, and age.
Excessive trading, also called “churning,” violates the requirement for quantitative suitability. This means that the overall number of trades executed in a client’s account must be suitable for their financial goals, just like each individual trade.
Investors who rely on brokers for their recommendations may be able to recoup their losses by seeking out FINRA arbitration.
FINRA Rule 2010 requires that brokers uphold high standards of professional honor and just and equitable principles of trade. Many forms of misconduct violate this rule.
Sanctions
Palmery Desir consented to the following sanctions:
- $5,000 fine
- 4-month suspension
His suspension began on June 21, 2022, and will end on October 20, 2022.
You can read the full AWC here.
Investor Dispute
On December 16, 2021, an investor alleged Palmery Desir charged unfair commissions and failed to follow the client’s instructions. This dispute is currently pending.
Background Information
Palmery Desir has passed the following exams:
- Series 63 – Uniform Securities Agent State Law Examination
- SIE – Securities Industry Essentials Examination
- Series 7 – General Securities Representative Examination
Palmery Desir is a registered broker in 13 states.
He has also worked for the following firms:
- Joseph Stone Capital (CRD#:159744)
- Rothschild Lieberman (CRD#:10030)
- Craig Scott Capital (CRD#:155924)
- Brookstone Securities (CRD#:13366)
- JHS Capital Advisors (CRD#:112097)
Kurta Law Can Help
If you worked with Palmery Desir 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.
Loading...
Reload document 
Open in new tab