NOTE: Stipulations of Fact and Consent to Penalty (SFC); Offers of Settlement (OS); and Letters of Acceptance Waiver, and Consent (AWC) are entered into by Respondents without admitting or denying the allegations, but consent is given to the described sanctions & to the entry of findings. Additionally, for AWCs, if FINRA has reason to believe a violation has occurred and the member or associated person does not dispute the violation, FINRA may prepare and request that the member or associated person execute a letter accepting a finding of violation, consenting to the imposition of sanctions, and agreeing to waive such member's or associated person's right to a hearing before a hearing panel, and any right of appeal to the National Adjudicatory Council, the SEC, and the courts, or to otherwise challenge the validity of the letter, if the letter is accepted. The letter shall describe the act or practice engaged in or omitted, the rule, regulation, or statutory provision violated, and the sanction or sanctions to be imposed.

Louis Salerno
2008015360301

Salerno exercised discretion in a customer’s account without the customer’s written authorization and his member firm’s acceptance of the account as discretionary.

Salerno sent electronic mail to a firm customer from a personal, unapproved email address and failed to seek or obtain his firm’s permission prior to doing so. Salerno’s private email account, his firm was unable to review his emails to the customer and Salerno was able to shield his discretionary trading activity from his firm.

Salerno failed to appear to provide testimony at FINRA on-the-record interviews.

Louis Salerno : Barred

Tags: Email