Investors Allege Shaun Hayes Engaged in Unauthorized Trading

Shaun Hayes (CRD #: 4963876), a former broker, allegedly engaged in unauthorized trading and unsuitable investment recommendations, according to his BrokerCheck record, accessed on November 1, 2022. If you want to know more about his conduct as a broker, keep reading.

On July 29, an investor alleged that Shaun Hayes changed an investment strategy without consulting clients. The client is seeking $190,000 in this pending dispute. 

Allegations of Unauthorized Trading

On March 18, 2022, an investor alleged that Shaun Hayes engaged in unauthorized trading and failed to disclose material facts. They further alleged mismanagement of assets in this $1 million dispute.

Six disputes filed in 2017 also allege that Shaun Hayes engaged in unauthorized trading in clients’ accounts. These disputes were collectively settled for $366,810.03.

FINRA Rule 2020

The misrepresentation of information related to investments violates FINRA Rule 2020, which prohibits the use of manipulative, deceptive, and otherwise unethical methods to influence an investor’s decisions. This rule also prohibits the omission of material facts. 

FINRA Rule 3260

FINRA Rule 3260 limits how brokers can use discretion when trading. Discretionary accounts must be approved in writing by the investor and accepted for discretionary trading by the firm. 

Shaun Hayes has passed the following exams:

• Series 66 – Uniform Combined State Law Examination
• SIE – Securities Industry Essentials Examination
• Series 7 – General Securities Representative Examination
• Series 24 – General Securities Principal Examination

In the past, he worked for Merrill Lynch, Pierce, Fenner & Smith (CRD#:7691) and AXA Advisors (CRD#:6627).

Kurta Law Can Help

If you worked with Shaun Hayes 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.