FINRA has sanctioned American Portfolios Financial Services representative Curtis Leonard Mazer for improperly reimbursing a customer.
Mazer has been a registered representative since 1988, and has been employed by American Portfolios since 2001. Prior to these allegations, Mazer had no past FINRA disciplinary record.
In July 2010, Mazer allegedly provided one of his clients with a personal check for $4,500, which was to serve as a refund of the client’s fees and would also cover the client’s losses. Mazer distributed the check without first informing American Portfolios of this action.
FINRA alleges that Mazer violated Rule 2150, which forbids the “Improper Use of Customers’ Securities or Funds” and issues a “Prohibition Against Guarantees and Sharing in Accounts.” Mazer also allegedly violated Rule 2010, which deals with “Standards of Commercial Honor and Principles of Trade.” Therefore, FINRA has fined Mazer $5,000 and suspended him from associating with any FINRA member in any capacity for 10 business days.
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