Scott Glazer Fired Following Alleged Unauthorized Trading
Scott Glazer (CRD #: 1236789), a broker previously registered with Precision Securities, LLC, has been fired following allegations that he executed unauthorized trades in a client account. This information is from Scott Glazer’s BrokerCheck record, accessed on March 7, 2022.
Unauthorized Trading Allegations
On November 8, 2021, Precision Securities fired following allegations he entered a trade in a client account without trading authorization from the account holder.
FINRA Rule 3620 states that brokers and firms must obtain prior written authorization before using discretion to take any action in an investor’s account. A violation of FINRA Rule 3620 is also a violation of Rule 2010. FINRA Rule 2010 requires brokers to observe high standards of commercial honor and fair-trading practices. Brokers who make discretionary trades without receiving prior written authorization are in violation of both Rule 3620 and Rule 2010.
Suspension for Manipulative Trading
In a disciplinary proceeding filed on December 22, 2014, Scott Glazer consented to FINRA’s findings in an Acceptance, Waiver, and Consent (AWC) agreement that alleged he engaged in matched trading to manipulate the price of a stock. This allegedly violated FINRA rules 2020 and 2010.
While registered with GBS Financial Corp, Scott Glazer allegedly marked the opening and closing prices of a stock in an attempt to manipulate the price of National Technical Systems, Inc. (“NTSC”). Scott Glazer also allegedly violated FINRA Rule 5210 by causing the publication and circulation of communications and reports of purchases and sales of the NTSC stock that he knew not to be bona fide.
What Is Manipulative Trading?
FINRA Rule 2020 states that registered members of financial firms may not engage in manipulative, deceptive or other fraudulent actions related to the purchase or sale of stocks. FINRA Rule 5210 prohibits the publication or circulation of any communication regarding the purchase or sale of stocks unless they believe said purchase or sale to be bona fide (genuine).
Suspension and Fine
Scott Glazer was suspended for six months. Scott Glazer was also fined $50,000.
You can read a copy of the AWC here.
Scott Glazer has passed the following exams:
- Series 63 – Uniform Securities Agent State Law Examination
- Series 57TO – Securities Trader Exam
- SIE – Securities Industry Essentials Examination
- Series 7 – General Securities Representative Examination
Scott Glazer has worked for the following firms:
- Precision Securities, LLC (CRD #: 103976)
- Western International Securities, Inc. (CRD #: 39262)
- GBS Financial Corp. (CRD #: 16906)
- Tradeway Securities Group, Inc. (CRD #: 29794)
- Quest Capital Strategies, Inc. (CRD #: 16783)
- Baraban Securities, Inc. (CRD #: 7659)
- First United Fund, LTD. (CRD #: 14426)
Kurta Law Can Help
If you worked with Scott Glazer and have concerns about your investments, please contact us today at 877-600-0098 or firstname.lastname@example.org 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.