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Did Patrick Cummings Execute Unauthorized Trades?

Patrick Cummings (CRD #: 4858761), a broker and investment advisor registered with RBC Capital Markets, is involved in an investor dispute, according to his BrokerCheck record, accessed on March 26, 2022. 

According to the allegations filed on December 24, 2021, Patrick Cummings executed unauthorized trades. The firm denied the case, but investors should know that firms can deny disputes without any external review. Investors should also know that they can still pursue FINRA arbitration and recover their losses following a denial. 

Unauthorized trading occurs when a broker executes securities transactions without authorization from their client. Unless an account has been approved for discretionary trading, a broker must always have authorization from an investor before executing any trades. 

Which FINRA laws did Patrick Cummings Allegedly Violate?

FINRA Rule 3260 requires that brokers only execute authorized trades in non-discretionary accounts. FINRA Rule 2010 states unauthorized trades breach the duty to observe high standards of commercial honor and just and equitable principles. 

Background Information

Patrick Cummings has passed the following exams:

  • Series 66 – Uniform Combined State Law Examination
  • SIE – Securities Industry Essentials Examination
  • Series 7 – General Securities Representative Examination

He is a registered broker in 39 states. He is also a registered investment advisor in Oregon and Texas.

Besides RBC Capital Markets, Patrick Cummings has also worked with Merrill Lynch, Pierce, Fenner & Smith Incorporated (CRD#:7691).

Kurta Law Can Help

If you have worked with Patrick Cummings and have concerns about your investments, don’t hesitate to contact us today at 877-600-0098 or info@kurtalawfirm.com 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. 

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