Todd Michael Seymour was issued a $5,000 fine and a two-month suspension by the Financial Industry Regulatory Authority (FINRA). According to FINRA, Seymour served as co-trustee of a customer account without authorization from his firms.
According to FINRA, Seymour was appointed co-trustee in 2010. When he began working with Morgan Stanley, he requested approval to maintain the relationship, but permission was denied. In 2017, when Seymour joined Steward Partners Global Advisory, he failed to disclose his trust administration work. The finalized settlement letter (known as an AWC) states that Seymour, at the direction of the remaining co-successor trustee, continued to perform the duties of a co-trustee for the trust, even though both Morgan Stanley and Raymond James (Steward's broker-dealer) had prohibited him from serving as a trustee.
As co-trustee, Seymour engaged in actions that included administering the trust and maintaining bill-pay authority over a third-party bank account from 2014 to 2020 at his client's request, according to AdvisorHub. Because Seymour used his check-writing authority over the customer's third-party bank account to pay himself for services rendered, he violated FINRA's Rule 3270, which bars unapproved outside business activities. Seymour also violated FINRA catch-all Rule 2010, requiring advisors to act with high standards.
Financial Advisor Transitions consults advisors nationwide to explore employment transition options and to preserve and protect their practice in any transition that they make.
