The rules are very simple. ONLY the client may trade the account unless there is a signed LPOA authorizing a 3rd party to place trades. If you place trades in someone else's account, you are acting as an account manager and need that LPOA to be signed. This is not some new rule, it has been industry standard since long before I joined the FPA.
If you consider someone to be an idiot, perhaps you shouldn't offer to accept money to make trades for him. If you consider the payment you got for the trades you placed to be beggar money, that's another reason you shouldn't have taken him as a client.
I go after any broker I see mistreating clients. If you want to pay for a special server and live accounts on hundreds of brokers and a coder to set up all the reports I'll need to I can monitor them, I'll be happy to do so. In the meantime, your plea is like someone getting busted by the police telling the cop that you should be exonerated since you didn't commit a bigger crome.
