Finra Suspended Ex-Cambridge Investment Research Broker over Unsuitable Transactions
Financial Industry Regulatory Authority Department of Enforcement
vs. Curtis C. Randle El
Background: Randle El first became registered with Heffron-Tillotson as a General Securities Representative in June 2005. In 2009, he joined PNC Investments for a two-year stint. From November 2011 to November 2014, Randle El was registered with Cambridge Investment Research, before being terminated by the firm for failing “to accurately and completely fill out client paperwork in violation of firm policy.” He later joined Cetera Advisors and Coastal Equities for short stints before registering with his current employer, International Assets Advisory.
Overview of Allegations: Between February 2014 and September 2014, Randle El recommended and effected short-term trades involving Class A mutual fund shares and Unit Investment Trusts for the accounts of three elderly customers with conservative investment objectives. Randle El did not have reasonable basis for believing that such transactions were suitable. Furthermore, he recommended that his customers sell these products after holding them for an average of 60 days and use the proceeds to buy other Class A mutual fund shares. As a result of these transactions, the customers suffered losses of approximately $33,185.
Result: Without admitting or denying the findings, Randle El agreed to be suspended from the securities industry for three months and a fine of $5,000.