Morgan Stanley Fires Broker For Trading Dead Customer’s Account
Daniel Patrick Reilly of New York New York a stockbroker formerly employed by Morgan Stanley has been discharged by the firm on May 18, 2018 supported by allegations that Reilly executed trades in a deceased customer’s investment account.
Financial Industry Regulatory Authority (FINRA) Public Disclosure confirms that Reilly is referenced in two customer initiated investment related disputes containing accusations of his violative conduct during the time that he was associated with Merrill Lynch Pierce Fenner Smith and Morgan Stanley Smith Barney. Particularly, on January 25, 2017, a customer initiated investment related complaint concerning Reilly’s activities was settled for $16,727.00 in damages founded on allegations that while Reilly was associated with Merrill Lynch, mutual fund trades were placed in the customer’s investment account without the customer having provided any authorization.
Then, on July 30, 2018, a customer initiated investment related complaint involving Reilly’s conduct was resolved for $40,000.00 in damages based upon accusations of unauthorized stock purchases being effected in the customer’s investment account between January of 2016 and December of 2016.
Reilly has been registered with Revere Securities LLC since June 21, 2018.