Finra fines ex-Morgan Stanley rep for secretly settling with client

The Miami-based broker is also suspended for 15 days

Sep 1, 2017 @ 2:54 pm

By Investment News

A South Florida broker who Finra said settled a dispute with a client without saying anything to his then-employer has been fined $10,000 and suspended for 15 days.

The Financial Industry Regulatory Authority alleges that Lewis Robinson, who worked at a Morgan Stanley branch in the Miami area from 2009 to 2015, settled complaints from a customer regarding commissions by issuing three checks in the amount of $12,203.23 to the customer's wife. He did so without the knowledge or approval of the firm.

In 2016, Mr. Robinson joined BB&T Securities, where he is currently employed. He began his securities career in 1987 at Thomson McKinnon Securities, then moved to Prudential Securities in 1989. In 2000, he went to work with UBS Financial Services, remaining there for nine years until he moved to Morgan Stanley.

0
Comments

What do you think?

View comments

Recommended for you

Featured video

Events

3 Questions to ask yourself when making your succession plan

Michael Futterman from Janus Henderson Investors has sage advice for advisers as they approach retirement.

Latest news & opinion

The power of philanthrophy shifts to women, and advisers are taking notice

Philanthropic women are growing in number — and stature.

Cetera brokers may go elsewhere with no stay bonuses on horizon

Some may feel spurned and leave, while others will simply shrug off latest slight and stay.

Fidelity backs away from being 'point in time' fiduciary for 401(k) plans

Some advisers think this indicates other providers will pivot in light of DOL fiduciary rule's death.

Morgan Stanley CEO is happy that brokers are staying put

Firm has seen little attrition since it dumped the broker protocol last fall, Gorman says.

Bills to reform adviser regulation, increase sophisticated investors and protect seniors pass House

Measures included in package of 32 bipartisan bills meant to ease rules, spur investment

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