← Broker database 2025-10-01
William Coppa Suspended and Fined $10,000 for Falsifying Trade Records
According to FINRA, William Coppa was fined $10,000 and suspended from association with any FINRA member in all capacities for six months for causing his member firm's order memoranda to show inaccurate representative codes by falsifying entries in the firm's order entry system.
The misconduct arose from Coppa's failure to maintain required state securities registrations. Coppa did not hold registrations in any of the states where he was entering trades in customer accounts. To circumvent this regulatory requirement, when Coppa placed trades for these customers, he falsely entered the representative code of another firm representative who did maintain the required state registrations.
Coppa knew that he was not permitted to serve as the registered representative for customers residing in states where he was not registered. Despite this knowledge, he continued the deceptive practice and received approximately $209,000 in commissions on these trades.
State registration requirements exist to ensure that securities professionals meet minimum competency standards and are subject to state regulatory oversight. When brokers circumvent these requirements, customers lose important protections.
The falsification of firm records is a serious violation in its own right. Accurate records are essential for firm compliance and regulatory oversight.
The suspension is in effect from November 3, 2025, through May 2, 2026.
For investors, this case highlights the importance of verifying that your broker is properly registered to do business in your state. You can check registration status through FINRA's BrokerCheck system or your state's securities regulator. If you discover that a broker was not properly registered when handling your account, you may have grounds for a complaint.