Morgan Stanley Stockbroker Suspended For Unauthorized Trading
Armando Fernandez, of Miami Beach, Florida, a stockbroker with Morgan Stanley & Co. Incorporated, was fined $7,500.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity after consenting to findings that he engaged in unauthorized trading and mismarked order tickets. Letter of Acceptance, Waiver and Consent, No. 2013038283001 (May 20, 2016).
According to the AWC, from May 31, 2012 through June 12, 2012, Fernandez engaged in the unauthorized discretionary trading of a customer’s account and made several trades without the customer’s written authorization. Additionally, the firm had not enabled Fernandez to make such trades as the account was not listed as discretionary. FINRA found that Fernandez’s conduct in this regard was violative of FINRA Rule 2010 and NASD Conduct Rule 2510.
The AWC also stated that in March 2012, Fernandez had mismarked order tickets as unsolicited when trades were actually solicited by him. Fernandez, by his conduct, apparently caused his firm’s records and books to be inaccurate. FINRA found that Fernandez violated FINRA Rules 2010 and FINRA Rule 4511 as a consequence.
Public disclosure records via FINRA’s BrokerCheck reveal that Fernandez has been subject to six disclosure incidents. On July 30, 2001, Fernandez settled a customer dispute for $350,000.00 after clients alleged misrepresentation, churning, breach of contract, and negligence. On June 12, 2002, Fernandez was named in a customer complaint alleging unsuitable mutual funds recommendations.
On November 29, 2002, Fernandez was named in another customer complaint alleging misrepresentation. On August 22, 2012, Fernandez settled a customer dispute for $165,000.00 amid allegations of an unauthorized exchange traded fund transaction. On April 21, 2016, Fernandez became subject to another customer dispute in which a customer is requesting $49,000.00 in connection with allegations of breach of contract, negligence, breach of fiduciary duty, and unsuitability.
The information contained herein has been obtained from reliable sources however may not be accurate and is not guaranteed by us. Readers are encouraged to undertake their own independent investigation and evaluation of the relevant facts. All claims and allegations are subject to adjudication, decisions may be subject to appeal, and no inference is intended, nor should any inference be made from any information contained herein from any source.
This posting and the information on our website is for general information purposes only. This content should be not considered legal advice, and any responses, comments, e-mails, other communications do not form any attorney client relationship. Attorney Advertisement. See Important Disclaimer
Guiliano Law Group
Our practice is limited to the representation of investors. We accept representation on a contingent fee basis, meaning there is no cost to you unless we make a recovery for you. There is never any charge for a consultation or an evaluation of your claim. For more information, contact us at (877) SEC-ATTY.
For more information concerning common claims against stockbrokers and investment professionals, please visit us at stockbrokerfraud.com
To learn more about FINRA Securities Arbitration, and the legal process, please visit us at securitiesarbitrations.com