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

Return to Archive

TESTIMONIALS

Previous
Next

Thank you for your professional assistance with this matter. You are very good at what you do.

John T.

LATEST NEWS AND ARTICLES

May 17, 2024
Fidelity Advisor Files Lawsuit Alleging Wrongful Termination Over Whistleblowing

A former Fidelity Investments advisor, Michael Maeker, has initiated legal action against his former firm, alleging wrongful termination in response to his reporting of anti-investor sales tactics.

May 16, 2024
CFTC Investigates Banks for Potential Whistleblower Suppression

The Commodity Futures Trading Commission (CFTC) has initiated inquiries into several banks, including JPMorgan Chase, Bank of America, and Citigroup, regarding potentially hindering whistleblowers from disclosing information, as reported by Bloomberg News.

 

May 15, 2024
NFA Issues Order Against 50.ai Investments LLC

The National Futures Association's (NFA) Business Conduct Committee (BCC) has taken action against 50.ai Investments LLC, a former NFA Member commodity pool operator and forex firm, for violating multiple NFA compliance rules.