Former RBC Capital Markets Representative Submits Letter of AWC

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Former RBC Capital Markets Representative Submits Letter of AWC

Robert O’Keef, formerly a registered representative with RBC Capital Markets, LLC, submitted a letter of acceptance, waiver, and consent (AWC). O’Keef was registered as a General Securities Representative and General Securities Sales Supervisor with RBC from May 2006 to April 2014. He is currently not associated with any FINRA-registered firm.

According to his letter of AWC, between October 1, 2012 and January 23, 2014, O’Keef exercised discretion in four customer accounts, without obtaining prior written authorization from the customers or prior written approval from his broker-dealer, a violation of FINRA Rules 2510(b) and 2010.

O’Keef effected about 654 transactions in the securities accounts of the customers. All four customers had orally authorized O’Keef to exercise discretion in their securities accounts. However, O’Keef admitted that he did not obtain written authorization from his customers to exercise discretion in their accounts and that RBC did not approve these accounts for discretionary trading in writing.

RBC prohibited the use of discretion, except in circumstances that were not applicable to the accounts in which O’Keef exercised discretion. RBC therefore terminated O’Keef’s registration with the firm for violating its policies.

In his letter of AWC, O’Keef accepted the following sanctions: a suspension from association with any member of FINRA in any and all capacities for 15-business days and a $5,000 fine.

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