Finra Bars Former MS Broker In Improper Trades Case

Finra has barred a former Morgan Stanley representative after he refused to provide testimony regarding accusations that he improperly traded within client accounts.

Anthony Vincent Ferrone, of Mahwah, N.J., was barred by Finra via a letter of acceptance, waiver and consent on Wednesday.

Ferrone appeared before a Finra panel, but refused to provide compete testimony and left before he had finished testifying in violation of Finra rules.

Ferrone worked for Morgan Stanley from July 2011 to August 2016.

Ferrone is the latest Morgan Stanley broker fined for unsuitable trades concerning unit investment trusts. In June, Anthony Joseph Verzi, a Florida-based representative with the firm, agreed to an industry bar after refusing to testify at another Finra hearing into trading abuses.

In recent months, Finra has barred or otherwise sanctioned brokerage representatives from LPL, Cetera, Stifel and several others.

In the letter, Ferrone accepts and consents to Finra’s judgment without admitting or denying the findings.

According to Ferrone’s Finra BrokerCheck profile, he entered the securities industry in 1983, first working at Philips, Appel & Walden.  Through his 33 –year career, Ferrone worked at 11 different firms, including Smith Barney, Lehman Brothers, UBS and Stifel.

Finra lists six disclosures on Ferrone’s record as a broker: four customer disputes, one financial disclosure and one civil judgment against him.

Per BrokerCheck, his most recent employer was Ameriprise Financial Services, where worked for between Sept.

from FA News http://www.fa-mag.com/news/finra-bars-morgan-stanley-broker-in-improper-uit-trades-case-33881.html

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