Orville Elrick Sanctioned by Securities Litigators After Allegedly Making Unauthorized Purchases in Customer’s Account
Orville Lee Elrick was fined and suspended from the securities industry by the Financial Industry Regulatory Authority (“FINRA”) in connection with allegations that Elrick purchased stocks on a customer’s behalf without having permission to do so and that he impersonated two customers in phone calls to make IRA exchanges on their behalf.
The Peiffer Wolf securities practice attorneys Jason Kane and Joe Peiffer are currently investigating the matter.
Elrick made purchases of stock on behalf of a customer in a non-discretionary account, according to FINRA. Typically in a non-discretionary account, a broker must receive prior authorization from a customer before the broker can make transactions in and out of the customer’s account. Elrick purchased shares of Exxon, Staples, Coca Cola, McDonalds, YUM Brands, and Microsoft on behalf of the customer without the customer’s approval, according to FINRA.
Elrick also called New York Life Investment Management Retirement Plan Services and falsely represented himself as a customer on two separate occasions and made several exchanges in his customers’ IRAs, according to FINRA.
Elrick consented to a 10 day suspension from the securities industry and a $5,000 fine from FINRA without denying or admitting FINRA’s factual findings.
The Peiffer Wolf attorneys often represent investors who lose money as a result of Ponzi schemes, investment fraud, or stockbroker misconduct. They are currently investigating the possibility of assisting victims with the recovery of their losses. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.
Investors who believe they lost money as a result of investment fraud or misconduct may contact the securities lawyers at Peiffer Wolf, Jason Kane or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at 585-310-5140.