FINRA

Althar was named a respondent in a FINRA complaint alleging that he made unsuitable recommendations and engaged in excessive trading in two accounts held by an elderly customer. The complaint alleges that Althar engaged in high volume trading to generate commissions and over concentrated the customer's accounts in risky securities, despite the fact that the customer was close to retirement and wanted only low risk investments. Althar's trading decimated the customer's accounts, which constituted the bulk of her net worth and retirement savings.

Decision & Order of Offer of Settlement

Bar (Permanent)

All Capacities

2/10/2017

Without admitting or denying the allegations, Althar consented to the sanction and to the entry of findings that he made unsuitable recommendations and engaged in excessive trading in two accounts held by an elderly customer. The findings stated that Althar engaged in high volume trading to generate commissions and over concentrated the customer's accounts in risky securities, despite the fact that the customer was close to retirement and wanted only low risk investments. Althar's trading decimated the customer's accounts, which constituted the bulk of her net worth and retirement savings. After the customer opened her accounts with Althar at his member firm, he exercised de facto control over both her accounts. Althar frequently placed trades in her accounts without consulting with her prior to trades. Althar often purchased, sold, and subsequently repurchased the same security in the customer's accounts within a short period of time. The findings also stated that Althar used this control to excessively trade these accounts in a manner that was inconsistent with the customer's investment objectives, financial situation and needs. The level of trading was excessive because the trading strategy resulted in costs so high the possibility of profit was remote. By requiring a minimum return of over 20 percent just to break even in either account, Althar's strategy was unsuitable for these accounts.

THE CUSTOMER IS DISCONTENT WITH THE PERFORMANCE OF HIS RECENT INVESTMENT

$6,200.00

CUSTOMER COMPLAINED AOBUT ONE INCOME POSITION THAT WAS DOWN.

LACK OF PERFORMANCE, UNSUITABLITY, FREQUENT TRADING 11/2012 - 04/2014

$146,991.00

$60,000.00

FIRM SETTLED TO AVOID THE COST AND TIME OF PROTRACTED LITIGATION. I COOPERATED WITH ALL INQUIRIES REGARDING THIS COMPLAINT

CHARGED WITH ONE COUNT OF FELONY GRAND THEFT AND ENTERED A PLEA OF NOT GUILTY

FELONY

A. NO CONTEST B. 10/02/2003 C. 30 DAY SHERIFF WORK ALTERNATIVE PROGRAM D. 36 MONTHS OF PROBATION E. 10/02/2003 F. $350 G. FINES PAID ON 10/02/2003

ALL COURT REQUIREMENTS HAVE BEEN MET AND THE CHARGES HAVE BEEN SET ASIDE AND EXPUNGED EFFECTIVE 12/21/2006