FINRA barred an advisor for allegedly churning client accounts, earning himself $57,000 and costing two former clients $37,000.
Ex-advisor Rasheed "Richard" Adams did not admit or deny the charges, but consented to FINRA's findings, the self-regulatory organization said. He could not be reached for comment.
Adams has more than a dozen judgments and liens against him, totaling more than $150,000, dated from 2006 to 2014, according to FINRA BrokerCheck records. It was not clear how many of the liens have been resolved.
He had been working for Caldwell International Securities, a small brokerage in Fischer, Texas, about 50 miles north of San Antonio. Adams had been with the firm since 2011, according to BrokerCheck.
Paul Jacobs, Chief Compliance Officer at Caldwell, confirmed that Adams no longer worked at the firm and declined to comment further.
Adams had one client complaint alleging unauthorized trading and failure to disclose commissions, which was settled for $10,000 in 2002, according to FINRA BrokerCheck records. He had three additional client complaints that were closed with no action taken, with the most-recent having occurred in 2006.
"A key element of retail investor protection is the aggressive pursuit of brokers who churn and excessively trade customer accounts. FINRA has no tolerance for brokers who place commissions ahead of what is suitable and appropriate for their customers," Brad Bennett, FINRA's Chief of Enforcement, said in a statement.
Adams started his financial services career in 1997 with First Liberty, according to FINRA. He later worked for E1 Asset Management from 2002 to 2010, leaving to briefly join PhD Capital, a now-defunct New York brokerage.
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