FINRA Bars Former Morgan Stanley Advisor For Using Client Credit Line

Posted on December 6th, 2021 at 1:39 PM
FINRA Bars Former Morgan Stanley Advisor For Using Client Credit Line

From the Desk of Jim Eccleston at Eccleston Law:

The Financial Industry Regulatory Authority (FINRA) has barred a former Morgan Stanley advisor for allegedly misappropriating at least $61,000 from a client credit line for his personal use and for refusing to cooperate with FINRA’s investigation. 

Jesus Rodriguez consented to the bar without admitting or denying FINRA’s findings. After registering with FINRA in 2005, Rodriguez joined Morgan Stanley in 2009. According to BrokerCheck, in July 2021 a client alleged that the advisor “used their line of credit for personal benefit.” The complaint still is pending and seeks damages of $61,431, according to BrokerCheck. 

Five additional client disputes were filed against Rodriguez after his resignation from Morgan Stanley. Four of the clients alleged that funds were withdrawn from their accounts without their consent while another client cited to unauthorized mutual fund trades. FINRA sent Rodriguez multiple requests for the production of information and documents in October 2021, but Rodriguez failed to produce the information or documents, according to FINRA. 

Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, regulatory and disciplinary matters.

Tags: eccleston, eccleston law, finra, morgan stanley

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