FINRA has sanctioned Gregory M. Viechnicki, a registered representative at BrokersXpress, LLC, for borrowing money from a client without seeking proper approval.
In April 2010, Viechnicki, who had no previous history of FINRA violations, borrowed $10,000 from a client. During the following months, between May 2010 and October 2010, Viechnicki repaid the loan in full, with interest, using an installment payment plan.
However, BrokerXpress’s regulations forbade representatives from borrowing money from customers, unless they received written approval from the firm. In light of alleged violations, FINRA fined Viechnicki $2,500 and suspended him from associating with any FINRA member for 10 days.
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