My Perspective on Frank Bodi’s Dismissal from Landolt Securities

Hello, I’m Emily Carter, a financial analyst and writer. Let me share some insights into a situation that’s currently affecting the trust in financial experts. Frank Bodi, with his long career signaled by his CRD #: 1107838, has been let go by Landolt Securities due to reported violations, specifically engaging in communications outside of approved channels – a definite no-go in our industry.

Digging into the Allegations

Upon reviewing Bodi’s BrokerCheck record as of March 5, 2024, it’s evident that his career has been dotted with an array of regulatory issues and disputes with clients, dating back to 1997. What does this spell out for his former clients? Caution. Firms must keep a close watch on their brokers, and unmonitored communication like Bodi’s alleged offense opens the door to potential misconduct.

While the consequences of Bodi’s actions are still being unraveled, it’s a situation that investors should monitor closely. After all, it’s their capital that’s at stake.

Past Wrongs

This isn’t the first brush with disciplinary action for Bodi. Back in December 2016, FINRA penalized him for not obtaining the mandatory written authorization from his clients before making discretionary trades. Written permission and a firm’s consent are the bedrock of discretionary account trading, as laid out in FINRA Rule 3260. Bodi’s non-compliance resulted in a 15-day suspension and a $5,000 fine.

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A Brief Look at Bodi

With an impressive 39-year tenure in the sector, Frank Bodi boasts a compelling portfolio of qualifications including the Series 65, Series 63, Securities Industry Essentials Examination, and Series 7. His journey through the industry includes tenure at ten different firms, some with household names like Merrill Lynch. Yet, the allegations looming over him are a stark contrast to this illustrious background. As I often say: “Trust is earned when actions meet words,” and in this case, Bodi’s actions are raising questions.

His extensive credentials make the recent news all the more bewildering; expertise in this field comes with an expectation of strict adherence to compliance.

Advice for Affected Investors

If you’ve entrusted your investments to Bodi, it might be wise to consult with a securities attorney. These legal experts can guide you through your rights and the possibility of recovering damages. They’ve got a long history, nearly twenty years, of helping clients reclaim what’s rightfully theirs from brokers and brokerage firms. Acting swiftly is key when you suspect any form of investment fraud.

Frank Bodi’s case underscores the critical importance of vigilant financial oversight. It’s tempting to hand over full control to a broker, but remember, you should always keep a watchful eye on your assets. Informed and engaged management of your investments is crucial.

As a reminder, you can always look up the record of any financial advisor through their FINRA CRD number to ensure they maintain a clean and compliant track record. Keep in mind, a study by the National Bureau of Economic Research found that 7% of financial advisors have been disciplined for misconduct. It’s paramount to scrutinize who you trust with your finances – it’s not just about their knowledge, but their integrity as well.

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