NEW YORK (Reuters) - The Financial Industry Regulatory Authority filed a complaint on Monday accusing a New York broker of defrauding an elderly blind woman of $184,000.
The Wall Street regulator said Northport, New York-based broker Hank Mark Werner began aggressively trading on the client's account after her husband died in 2012 and made more than 700 trades on 200 securities in her account over a three- year period.
Based on the commissions and mark-ups Werner charged per trade, which were as high as 4.25 percent, "there was little to no possibility that the customer would profit from such trading," according to the complaint.
There was no response to a call to an office given by FINRA as that of Werner's attorney.
The complaint is the first step in a disciplinary proceeding. Werner could face a fine, censure or suspension from the industry.