Former Morgan Stanley Advisor Settles FINRA Charge Over Inherited Account Coding

Posted on February 7th, 2022 at 11:22 AM
Former Morgan Stanley Advisor Settles FINRA Charge Over Inherited Account Coding

From the Desk of Jim Eccleston at Eccleston Law: 

The Financial Industry Regulatory Authority (FINRA) has issued a 10-day suspension and a $2,500 fine against another former Morgan Stanley advisor over an alleged miscoding of trades on inherited accounts. 

FINRA alleged that Michael Dmytryshyn completed 138 transactions between April 2017 and December 2020 under his own production number rather than a joint production number with a retired advisor. However, FINRA acknowledged that Dmytryshyn had received authorization from the retired advisor to take full credit on same trades within the shared accounts. Regardless of the retired advisor’s permission, FINRA alleged that the transactions resulted in a books and records violation by utilizing an inaccurate representative code as the accounts were governed by an agreement. 

Dmytryshyn’s BrokerCheck record reflects that Dmytryshyn caused no client harm. Morgan Stanley has terminated at least 20 advisors since November 2020 for allegedly miscoding trades regulated by retirement agreements. 

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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