Former NFL Player Turned Morgan Stanley Advisor Suspended by FINRA

Posted on October 4th, 2023 at 1:14 PM
Former NFL Player Turned Morgan Stanley Advisor Suspended by FINRA

From the desk of Jim Eccleston at Eccleston Law 

The Financial Industry Regulatory Authority (FINRA) has imposed penalties on William D. Ard, a former professional football player turned advisor.

The sanctions are related to several alleged violations, including misrepresenting trades and providing false information to compliance personnel. The infractions date back to 2018 when Ard, a 38-year registered advisor, reportedly forwarded an email to a client that contained deceptive information regarding an investment in a publicly traded biopharmaceutical company.

Ard transitioned from being a member of the New York Giants Super Bowl-winning team in 1987 to an advisor at Morgan Stanley Wealth Management. He agreed to a four-month suspension and a $15,000 fine as part of a settlement without admitting or denying FINRA's allegations.

According to AdvisorHub, the infractions relate to an email that contained predictions that the company's stock price would remain steady and increase even in "the worst-case scenarios." It included "unwarranted" claims about the company being potentially acquired at an "outrageously high price," as stated by FINRA. This action violated FINRA Rule 2210, prohibiting advisors from making false or exaggerated statements.

 

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

Tags: eccleston, eccleston law, finra

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