Account Churning

Trader InvestigationsAccount churning (inappropriate or excessive trading used to generate commission income for the broker) is a violation of Rule 10b-5 as a scheme or artifice used to defraud securities customers. Account churning can also be a violation of applicable state securities law. Supervisors and firms of registered representatives who have been found guilty of account churning have been held liable for failure to supervise, forced to relinquish profits and commissions, and made to pay damages to customers.
http://www.bdsolutions.com/con_comp_trader.cfm

In the stockbroking business there is a term called "churning an account." Churning an account is when a broker keeps buying and selling stock continually, just so he can collect the commission. The client may make money too, but the broker is more interested in his own profit. He may say he's looking out for you, keeping his eye on every possibility and doing all this trading for your benefit, but, in fact, he is churning your account primarily for his own profit.
http://www.jancox.com/453n.html

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Note added at 26 mins (2004-06-13 18:11:26 GMT)
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movimentação excessiva de contas para gerar comissões indevidas