FINRA

Without admitting or denying the findings, Amundson consented to the sanctions and to the entry of findings that he effected a transaction for a customer without contacting the customer first, and without the customer's authorization. The findings stated that the customer had insufficient funds in his account to cover a scheduled $700 monthly ACH distribution. To generate funds to cover that distribution, Amundson sold $665.84 worth of shares in a mutual fund in the customer's brokerage account without first contacting the customer prior to selling the position. Amundson also did not receive implied or express authorization from the customer to sell the position. Prior to effecting the unauthorized transaction in the customer's account, Amundson's member firm specifically instructed him on several occasions to review the firm's trade authorization procedures which prohibited brokers from executing transactions in non-discretionary accounts without prior customer approval.

Acceptance, Waiver & Consent(AWC)

Civil and Administrative Penalty(ies)/Fine(s)

$5,000.00

Suspension

All Capacities

10 business days

9/18/2017

9/29/2017

RBC Capital Markets LLC

Permitted to Resign

Rep liquidated a client position without client advance notice to enable a $700 monthly ACH distribution.