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)


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