The Financial Industry Regulatory Authority or FINRA ordered Richard H. Byerly of Chester Springs, Pennsylvania to pay $30,000 in restitution to and was suspended for two years from association with any FINRA member in any capacity for the unauthorized churning of customer accounts belonging to two senior citizens.

Although FINRA found that he "exercised discretion," meaning that he effected unauthorized trading in 12 of his customer accounts, FINRA only focused on two accounts, where the customers collectively lost $390,000.

In one account, belonging to a...

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