Former Waddell & Reed adviser Steven D. Ridgley (who operated under the RBR Group) has accepted a suspension and fine from FINRA relating to allegations that he executed trades in client accounts without obtaining written authorization from the customers.
According to Ridgley’s Letter of Acceptance, Waiver and Consent (“AWC”) with FINRA, he “exercised discretion in effecting hundreds of securities transactions in approximately 80 customer accounts” and “Ridgley did not obtain written authorization from his customers to exercise discretion in their accounts.”
Ridgley agreed to a two-month suspension from the industry and to pay a $10,000 fine relating to the allegations of unauthorized trading.
A review of Ridgley’s FINRA BrokerCheck report shows that he was discharged by Waddell & Reed on January 27, 2015. Ridgley is currently employed by International Assets Advisory.
Ridgley’s partners at the RBR Group, Michael Rasmovich and Carlos Benavidez, previously agreed to their own settlements with FINRA in January 2016.
The FINRA disciplinary proceeding relating to Ridgley is No. 2014043025703.
The FINRA disciplinary proceeding relating to Benavidez is No. 2014043025701.
The FINRA disciplinary proceeding relating to Rasmovich is No. 2014043025702.
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