FINRA Suspends Former Morgan Stanley Broker for Six Months

Posted on April 20th, 2020 at 4:54 PM
FINRA Suspends Former Morgan Stanley Broker for Six Months

From the Desk of Jim Eccleston at Eccleston Law LLC:

Former Morgan Stanley broker, Jacqueline Jacobsen, agreed to a $5,000 fine and a six-month suspension from association with any FINRA member firm in all capacities.  According to FINRA Enforcement, Jacobsen used funds from her AFG account in a manner inconsistent with the Firm’s permitted use of those funds.   

According to a Letter of Acceptance, Waiver and Consent (“AWC”) signed by Jacobsen on March 20, 2020, Jacobsen misused funds in her AFG account, an account that can only be used to pay support staff or to reimburse the registered representative for business-related expenses.  FINRA alleged that Jacobsen used her AFG account to pay a year-end bonus of $3,221.91 to a client service associate. According to FINRA, Jacobsen then asked the client service associate to give Jacobsen roughly $1,200 of the bonus. According to the AWC, those funds were not used by Jacobsen for a business-related purpose. 

FINRA found that Jacobsen’s conduct violated FINRA Rule 2010. By signing the AWC, Jacobsen accepted and consented to the entry of FINRA’s findings, without admitting or denying those findings.

The attorneys of Eccleston Law LLC represent investors and advisors nationwide in securities and employment matters. The securities lawyers at Eccleston Law also practice a variety of other areas of practice for financial investors and advisors including Securities FraudCompliance ProtectionBreach of Fiduciary DutyFINRA Matters, and much more. Our attorneys draw on a combined experience of nearly 65 years in delivering the highest quality legal services. If you are in need of legal services, contact us to schedule a one-on-one consultation today.

Related Attorneys: James J. Eccleston

Tags: eccleston, eccleston law, james eccleston, morgan stanley, finra, awc

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