The Financial Industry Regulatory Authority Inc. has barred a former Hilliard Lyons broker who recently settled a customer complaint alleging excessive trading and commissions, unauthorized trades and portfolio mismanagement.
Finra on Tuesday barred the broker, Henry Al Dean Watson, who violated industry rules when he failed to appear for testimony before the industry regulator,
according to the Finra settlement.
Mr. Watson started working in the securities industry in 1984 and was associated with several firms before joining Hilliard Lyons in January 2012. He worked there until October and is not currently licensed with any other firm.
As is standard industry practice, Finra wanted Mr. Watson's testimony in connection with an inquiry into an arbitration claim filed by a customer against him, according to the settlement. Mr. Watson did not show up to provide testimony, thus violating industry rules. He consented to the sanction without admitting or denying the findings.
According to his profile on BrokerCheck, Mr. Watson made no contribution in a $166,500 arbitration award from 2015 in which a client alleged excessive trading and commissions, unauthorized trades and portfolio mismanagement. Another customer complaint from 2016 that alleged that he purchased shares of a security without authorization was denied.
Mr. Watson's attorney, Tina Cundari, said she had no comment on the matter.
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