Kelly Barnett Used Discretion in the Accounts of Five Customers

According to a recent Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA), MSI Financial Services broker Kelly Barnett allegedly used discretion in the accounts of five customers without written authorization or acceptance of the accounts as discretionary. Kelly Barnett also allegedly falsified notes of client contact. Barnett allegedly authorized discretion in the account of one of her customer’s who had died of a heart attack two days before. He placed two additional trades in his account for the purchase of a UIT and the sale of an ETF. The customer had not given Barnett written authorization to do so before his death. In addition, Kelly Barnett also exercised discretion in four additional customer accounts without a written grant of authorization and without having the accounts accepted as discretionary between January 2014 and November 2015. In total, Kelly Barnett executed 25 discretionary trades in the accounts of…

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