FINRA Suspends Former Morgan Stanley Advisor Over Unauthorized Trading and Texting

Posted on October 14th, 2022 at 1:05 PM
FINRA Suspends Former Morgan Stanley Advisor Over Unauthorized Trading and Texting

From the Desk of Jim Eccleston at Eccleston Law.

The Financial Industry Regulatory Authority (FINRA) has issued a two-month suspension and a $10,000 fine to a former Morgan Stanley advisor to settle claims pertaining to unauthorized trading and improper use of a personal phone to text clients.

The Maryland-based advisor, Miche Jean, consented to the suspension and fine without admitting or denying any of FINRA’s investigatory findings. According to FINRA, Jean executed 56 trades in two client accounts between February and May 2020 without obtaining prior written authorization or contacting the clients. Jean also texted clients about the securities business between December 2019 and October 2020 using a personal phone rather than through a firm-approved platform.

Jean refused to provide Morgan Stanley with the messages and subsequently deleted them, which caused Morgan Stanley to violate its recordkeeping requirements, according to the settlement. BrokerCheck reveals that Morgan Stanley terminated Jean in October 2020 over concerns regarding his trading activity and communications with clients. Morgan Stanley paid a $35,000 settlement in March 2021 to a client who sought damages related to unauthorized trades in ETFs between February and March 2020. According to BrokerCheck, Jean did not contribute to the settlement.

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

Tags: eccleston, eccleston law, advisors, law, finra

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