The Financial Industry Regulatory Authority last week permanently barred Tod Bretton, former chief compliance officer and head trader for Prestige Financial, for engaging in a fraudulent trading scheme that generated approximately $1.3 million in profits for him and his firm at the expense of customers by subjecting their orders to improper and undisclosed additional charges.
“Investors are entitled to have their stock trades handled properly by their brokers,” James Shorris, FINRA executive vice president and executive director of enforcement, said in a prepared statement. “In this case, Bretton ignored his obligations, choosing instead to enrich himself at the clients’ expense, and to conceal this with falsified firm records.”
