A Mutual Fund Dealers Association (MFDA) hearing panel approved a settlement agreement with James Russell Taylor on July 23 which included a fine of $40,000.
Taylor admitted to acting as an executor for deceased client TJ's estate. In addition, he was aware that he was named as executor and trustee and a beneficiary of client BT's estate, and following client BT's death, he acted as executor and trustee for deceased client BT's estate and accepted a benefit from the estate. Finally, he failed to cooperate with an investigation into his conduct by Staff of the MFDA.
In addition to the fine, Taylor is permanently prohibited from conducting securities related business in any capacity while in the employ of or associated with a Member of the MFDA, and he will have to pay $5,000 in costs.
