According to FINRA, Bryan James Moskowitz was fined $5,000, suspended from association with any FINRA member firm for three months, and ordered to pay $13,145 plus interest in restitution to a customer for excessively and unsuitably trading the customer's account.

Moskowitz recommended high-frequency in-and-out trading to a customer, a veterinarian in his mid-60s, even when the prices of recommended securities did not materially change. The customer relied on Moskowitz's advice and routinely followed his recommendations, giving Moskowitz de facto control over the account.

This pattern of trading generated total trading costs of $16,902, including $13,145 in commissions, and caused $81,614 in total realized losses for the customer.

Excessive trading, also called churning, occurs when a broker trades a customer's account primarily to generate commissions rather than to benefit the customer. When a customer follows a broker's recommendations without meaningful independent evaluation, the broker effectively controls the account and has a heightened obligation to ensure trading is suitable.

The metrics in this case, particularly the substantial commissions relative to the trading pattern and the significant losses, are hallmarks of excessive trading. The three-month suspension and restitution order aim to both punish the misconduct and compensate the affected customer.

Investors should regularly review their account statements and question frequent trading, particularly if their account is generating losses while their representative continues to recommend additional transactions.