Former Morgan Stanley broker barred over claims of unsuitable trading

Anthony Vincent Ferrone refused to provide complete testimony at Finra hearing

Jul 26, 2017 @ 2:03 pm

By InvestmentNews

The Financial Industry Regulatory Authority Inc. has barred former Morgan Stanley broker Anthony Vincent Ferrone from the securities industry over charges that he engaged in unsuitable trading of unit investment trusts in clients' accounts.

In a letter of acceptance, waiver and consent, Finra said that Mr. Ferrone, of Mahwah, N.J., appeared for on-the-record testimony but refused to provide complete testimony and departed before its completion, violating Finra rules.

(More: Finra seeks to raise pressure on firms hiring rogue brokers, avoiding arbitration payments)

Mr. Ferrone began his securities career in 1983 at Philips, Appel & Walden. Over the years, he worked at several firms including Prudential Securities, Lehman Brothers, Smith Barney, Dean Witter and UBS. He joined Morgan Stanley in 2011 and worked there until July 2016, when he was terminated. In September 2016, he became registered with Ameriprise, which terminated him this past March.

Finra said he is no longer employed in the securities business.

(More: Finra bars broker who lost job after felony indictment)

0
Comments

What do you think?

View comments

Recommended for you

Sponsored financial news

Featured video

INTV

Advisers beware: tax law has unintended consequences

Commission accounts could be preferable for some clients, and advisers could be incentivized to move from employee broker-dealers to independent channels.

Recommended Video

Path to growth

Latest news & opinion

Lightyear Capital takes 50% stake in $9 billion HPM Partners

Private equity backing could fuel acquisitions by the large RIA.

Tax reform: 7 essential strategies for financial advisers

While advisers face the difficult task of analyzing the law's impact, they will also have a significant opportunity to prove their value by implementing money-saving strategies for clients as well as their own businesses.

Tax law: Everything advisers need to know about the pass-through provision

The provision is tricky, but could provide advisers and business-owner clients with sizable tax savings.

Bill requiring fiduciary disclosure reintroduced in New Jersey

Measures would obligate financial advisers to tell clients they do not have to act in their best interests.

Merrill Lynch to let advisers text with clients

Texting has been a popular mode of communication for years, but in the past the firm's regulations have prevented advisers from using it.

X

Hi! Glad you're here and we hope you like all the great work we do here at InvestmentNews. But what we do is expensive and is funded in part by our sponsors. So won't you show our sponsors a little love by whitelisting investmentnews.com? It'll help us continue to serve you.

Yes, show me how to whitelist investmentnews.com

Ad blocker detected. Please whitelist us or give premium a try.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print