Morgan Stanley Stockbroker Barred By Regulator

Peter Joseph Doyle of Washington, DC, a stockbroker formerly registered with Morgan Stanley, has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity by consenting to findings that he failed to cooperate in a FINRA investigation into allegations of his improper conduct as referenced in his termination from Morgan Stanley. Letter of Acceptance, Waiver and Consent, No. 2016051634801 (July 28, 2017).

FINRA Public Disclosure reveals that Doyle was terminated from Morgan Stanley Smith Barney on June 24, 2016, based upon allegations that he neither abided by the firm’s policies nor the rules of the securities industry in reference to trading in customer accounts on a discretionary basis. FINRA reached out to Doyle on June 20, 2017, seeking his testimony in regard to Morgan Stanley’s allegations of his misconduct. Evidently, on July 5, 2017, Doyle confirmed that he understood what FINRA requested; however, he declined to cooperate, stating that he would not make any appearance to testify for FINRA. Consequently, FINRA found Doyle’s conduct violative of FINRA Rules 8210 and 2010.

FINRA Public Disclosure reveals that Doyle has been identified in three customer initiated investment related disputes concerning Doyle’s misconduct during the time he was associated with Morgan Stanley Smith Barney. In particular, a customer was awarded $8,606,599.00 in total damages, $2,000,000.00 of which consisted of punitive damages, according to a customer initiated investment related arbitration action in which Doyle was found to have placed unsuitable and unauthorized trades in the customer’s investment account while omitting information from the customer about fees. FINRA Arbitration No. 15-01700 (June 1, 2016). The arbitrator found Doyle to be liable for financial elder abuse, conversion, misrepresentation, breach of fiduciary duty, and fraud.

Between December 14, 2016, and February 15, 2017, two customer initiated investment related complaints were settled for a total of $685,000.00 in damages based upon allegations of suitability in regard to equity investments effected in customers’ accounts between June of 2008 and June of 2016.

Following his firing from Morgan Stanley, Doyle was later employed by H. Beck, Inc. from September 28, 2016, to February 27, 2017.

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