Morgan Stanley Advisor Resigns Over Shared Account Credits

Posted on December 20th, 2021 at 1:50 PM
Morgan Stanley Advisor Resigns Over Shared Account Credits

From the Desk of Jim Eccleston at Eccleston Law:

A former Indiana-based Morgan Stanley advisor has resigned amidst the firm’s year-long probe into advisors who purportedly miscoded production numbers on shared accounts. 

A 33-year veteran who spent his career at Morgan Stanley, Randall Wagner, was allowed to resign after the firm alleged that he “submitted transactions under production numbers that were inconsistent with agreement with another representative resulting in a shortfall of revenue credited to the other representative”, according to BrokerCheck. Wagner’s BrokerCheck report contains the most recent disclosure while it was noted that there was no client impact. Morgan Stanley has terminated at least 20 advisors during its internal review of shared account credits. 

According to BrokerCheck, Wagner has not registered with another member firm since his November 1 departure from Morgan Stanley. Regulators such as the Financial Industry Regulatory Authority (FINRA) have become involved with some of the terminations. For example, FINRA barred a South Carolina-based Morgan Stanley advisor in February for refusing to cooperate with FINRA’s investigation into his alleged abuse of the firm’s inherited account program. 

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

Tags: eccleston, eccleston law, morgan stanley, resignation

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