Two Washington area stockbrokers have been fined and barred from the securities business for misusing customer funds, the National Association of Securities Dealers said yesterday.
Anthony W. Armiger of Greenbelt, who was employed at Thomas James Associates Inc. in Greenbelt, was fined $45,000 and barred after the NASD, which regulates brokerage firms, found that Armiger had misappropriated $25,000 from one customer's account and had made unauthorized purchases for several other customers. According to the complaint, Armiger acted without permission when he bought 2,065 shares at $5 each in Sunrise Technologies Inc. of Sunnyvale, Calif., for seven customers.
Armiger worked for Thomas James, which has its headquarters in Rochester, N.Y., from January to July in 1989.
Also yesterday, the NASD fined Stephen Dennis Jones II of Falls Church $10,000 and barred him from the business for making unauthorized purchases of municipal bonds for two customers and for submitting fictitious new account forms.
The NASD originally proposed a fine of $15,000 for Jones, but that amount was reduced to $10,000 on review.
Jones worked for Heritage Financial Investments Corp. of McLean from March to August of 1988.
In reducing the fine, the NASD said that while Jones "abused the trust placed in him by his firm," he had been in the securities business for less than four months when the violations occurred.
Neither Jones nor Armiger responded to the NASD action.