FINRA Suspends Thomas Hallberg for Alleged Unauthorized Trading
Thomas Hallberg (CRD #: 3053755), a broker registered with Edward Jones, has been suspended by FINRA, according to his BrokerCheck record, accessed on July 22, 2022. If you want to know more about his conduct as a broker, read on.
FINRA Suspension
An Acceptance, Waiver & Consent (AWC) agreement filed on June 21, 2022, alleges that Thomas Hallberg engaged in unauthorized trading at his firm, Edward Jones.
The AWC alleges that, between December 2019 and January 2020, Thomas Hallberg executed 42 trades in two of a client’s accounts. Though the client allegedly gave him permission to exercise his trading discretion, the AWC alleges he did not have the client’s written authorization or the approval of his firm to conduct discretionary trading in the accounts.
Further, the AWC alleges that Edward Jones did not allow discretionary trading in client accounts.
The AWC concludes that Thomas Hallberg’s alleged unauthorized trading violated FINRA Rules 3260(b) and 2010.
FINRA Rules 3260 and 2010
FINRA Rule 3260 limits how brokers can exercise their trading discretion. Brokers can only conduct discretionary trading in accounts approved in writing by both their client and firm.
FINRA Rule 2010 requires brokers to uphold high standards of professional conduct and ethical behavior.
Sanctions
Thomas Hallberg consented to the following sanctions:
- $5,000 fine
- 10-day suspension
You can read a copy of the AWC here.
Background Information
Thomas Hallberg has passed the following exams:
- Series 63 – Uniform Securities Agent State Law Examination
- SIE – Securities Industry Essentials Examination
- Series 7 – General Securities Representative Examination
Thomas Hallberg is a registered broker in 26 states and a registered investment adviser in Minnesota and Texas.
Kurta Law Can Help
If you worked with Thomas Hallberg 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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