A financial advisor has been barred from the securities business in Massachusetts for excessively trading on accounts held by the widow of a man killed in the Sept. 11, 2001 terrorist attack on the Pentagon.
State Secretary William Galvin said on Wednesday that the Massachusetts Securities Division took the step after James Konaxis of Beverly earned about $550,000 in commissions on five accounts opened with Sentinel Pension Advisors, where he worked.
Galvin said the California woman who obtained the money from the September 11th Victim Compensation Fund had set goals of long-term growth with moderate risk.
By last April, the total value of the accounts had dropped from $3.7 million to about $1.6 million.
Galvin said Konaxis abused his client’s trust.
Sentenial fired Konaxis. A call to his home was not immediately returned.
