Peter Joseph Glowacki accused of making trades in the accounts of his clients without sufficient authority. This violates the federal securities rules and the securities rules of most states. We are a firm that helps investors recover losses from such misdeeds.
From January 2022 through December 2023, as alleged by regulators, Peter Joseph Glowacki exercised discretionary authority when placing 105 trades in fourteen customer/investor accounts belonging to nine customers/investors without first obtaining prior written authorization from the customers and having the accounts accepted as discretionary by his employer.
In addition, from December 2021 through January 2023, Glowacki communicated with 12 investors about securities business via text messages sent through his personal cell phone, even though RBC, his employer, had not approved Glowacki’s use of this channel for business communications.
This in troublesome because a) securities firms are required to keep written communications with its investors, and b) many complex investment fraud schemes start with brokers communicating with their investors through unapproved channels.
Although Glowacki discussed his trading with the investors generally, he did not speak with the customers about the specific trades on the dates of the transactions. This falls outside of the time/place discretion that a broker has. In addition, RBC did not accept the accounts as discretionary.
Regulators handed Glowacki a two-month suspension from the securities industry and a fine of $10,000.
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