Enforcement
This case summary was prepared by Staff of the MFDA.
Hearing Panel Imposes Penalties on Frank Joseph Stolarz
Frank Joseph Stolarz entered into a Settlement Agreement with MFDA Staff in which he admitted that he processed increases to monthly payments made pursuant to a client’s Systematic Withdrawal Plan based on requests from someone other than the client (the client’s spouse), contrary to MFDA Rules 2.3.1 and 2.1.1. He also admitted that he processed two mutual fund switches in a client account without client authorization, contrary to MFDA Rules 2.3.1 and 2.1.1.
The Hearing Panel imposed the following penalties: a fine of $15,000; costs of $2,500; and an order that Stolarz should comply with MFDA Rules 2.3.1 and 2.1.1 in the future.
NOTICE: This case summary has been prepared by Staff of the MFDA, based upon the previously published Decision and Reasons of an MFDA Hearing Panel presiding over this matter. Every effort is made to ensure that this case summary accurately reflects the content of the Decision and Reasons. However, where there is a discrepancy between this case summary and the Decision and Reasons, the Decision and Reasons will prevail.
514868
