Morgan Stanley Wealth Management has reached an agreement with the Financial Industry Regulatory Authority (“FINRA”) to settle charges relating to alleged supervisory failures.
Tagged with "Morgan Stanley"
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Morgan Stanley Agrees to Settle FINRA Charge of Failure to Supervise
Posted on August 24th, 2020 at 10:04 AM
Former Morgan Stanley Advisor Pleads Guilty to Fraud
Posted on July 22nd, 2020 at 4:05 PM
Michael Barry Carter, a former advisor at Morgan Stanley, pleaded guilty to federal charges of wire fraud and investment advisor fraud. According to the United States Department of Justice (“DOJ”), Carter stole more than $6 million over a period of almost 12 years. The DOJ said that most of Carter’s victims were senior investors.
FINRA Suspends Former Morgan Stanley Broker for Three Months
Posted on April 22nd, 2020 at 4:51 PM
Former Morgan Stanley broker, Claire M. Cail, agreed to a $5,000 fine and a three-month suspension from association with any FINRA member firm in all capacities. According to FINRA Enforcement, Cail altered client-signed account documents
FINRA Suspends Former Morgan Stanley Broker for Six Months
Posted on April 20th, 2020 at 4:54 PM
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.
Morgan Stanley Latest Firm to Experience System Outage
Posted on April 6th, 2020 at 2:18 PM
On March 25, Morgan Stanley Wealth Management’s technology system crashed. As a result, both brokers and clients were unable to view account information or place orders. Brokers did report being able to complete orders by using a link they were provided. Investors who were not able to access their account online were told to call the firm to place trades.
Broker Suspended after Allowing Unauthorized Transactions by Wife in Husband’s Account
Posted on December 27th, 2019 at 5:11 PM
Eugene Nathan Gordon, a former Morgan Stanley broker, agreed to a 90-day suspension by FINRA for allowing a wife to make withdrawals from her husband’s retirement account without written authorization from the husband.
FINRA Bars Former Morgan Stanley Broker For Refusing to Furnish Documents
Posted on September 27th, 2019 at 4:49 PM
The Financial Industry Regulatory Authority Inc. ("FINRA") recently barred a former Morgan Stanley broker from the brokerage industry for refusing to hand over requested documents and information around his alleged theft of client money.
Georgia Court Ruling Sure to Cause Reps to Quickly Move Assets upon Resignation
Posted on June 27th, 2019 at 3:07 PM
A Georgia court judge has granted Morgan’s Stanley a request to prevent a runaway broker from contacting former customers. However, the court’s ruling will allow the broker to work with immediate family members and customers who already signed account transfer forms.
Advisors bolt, Morgan Stanley sues. Is this the 'new normal'?
Posted on June 13th, 2019 at 1:35 PM
Morgan Stanley has been busy in court lately, recently suing two advisors who left for rival firms over non-solicitation violations in what experts predict will be a familiar pattern for the foreseeable future.
E*Trade Loses Effort To Prevent Its Former Broker to Take Customer-Contact Information
Posted on May 17th, 2019 at 5:12 PM
A California federal judge turned down E*Trade Financial’s request to block a broker, who moved to Morgan Stanley, from contacting his former clients.
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