FINRA Bars Morgan Stanley Broker For Failure To Testify

Kevin Scott Woolf of Winter Haven Florida is a stockbroker formerly registered with Morgan Stanley that has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he failed to testify or provide documentation to FINRA in regard to allegations of his private securities offerings and outside business activities which had not been disclosed to his firm. Letter of Acceptance Waiver and Consent No. 2016050541201 (Jan. 26 2018).

According to the AWC, Woolf was terminated from Morgan Stanley on June 30, 2016, based upon having been internally investigated by the firm in regard to his outside business activities pertaining to a real estate investment security offering. The AWC stated that FINRA then launched an investigation into Woolf’s outside business activities consisting of hotel development and his participation in a private securities offering concerning a development project that had been marketed to customers of the firm.

The AWC stated that Woolf’s counsel was sent a letter from FINRA on December 8, 2017, which requested that Woolf provide information and documentation pertaining to investors that placed funds into companies which Woolf invested in. The AWC also confirmed that on January 8, 2018, Woolf was asked to provide recorded testimony before FINRA staff in relation to his outside business activities. Woolf was evidently informed that his failure to cooperate would be grounds for FINRA to bar him from the securities industry.

Woolf subsequently informed FINRA that he understood that FINRA asked him to provide information and documentation as well as provide recorded testimony about his activities, but that he would at no point honor FINRA’s request. FINRA found that Woolf’s failure to comply in the investigation was violative of FINRA Rules 2010 and 8210.

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