Finra bars former Morgan Stanley manager over expense reports

Barbara Waters oversaw administrators in firm's wealth management group

Sep 26, 2017 @ 12:30 pm

By InvestmentNews

The Financial Industry Regulatory Authority Inc.'s probing into expense account reporting violations at member firms has resulted in former Morgan Stanley administrator Barbara Waters being barred from the securities industry.

The direct cause of the bar was Ms. Waters' refusal to appear for a hearing into the matter.

(More: Finra sanctions Morgan Stanley over UIT sales)

Ms. Waters, who managed administrators in the firm's wealth management unit, was terminated by Morgan Stanley in November 2015 over an allegation that a "list of event attendees on employee's expense report incorrectly included one person who did not attend event."

According to a report on AdvisorHub, Ms. Waters said she couldn't afford to fight her dismissal or to take the time to work with Finra. She said the case centered on a $250 expense submission involving four people.

Ms. Waters is now a director of equity compensation at Aetna, Inc., and had worked at Merrill Lynch from 1991 to 1998 before joining Smith Barney, which later was acquired by Morgan Stanley.

(More: Fired Ameriprise broker on the hook for $675,000 after losing arbitration)

0
Comments

What do you think?

View comments

Recommended for you

Featured video

Events

How to differentiate from the competition

How does Black Diamond's technology play a role in allowing an advisor firm to differentiate itself from the competition? Bob Conchiglia joins us for a discussion.

Latest news & opinion

House passes tax bill, focus turns to Senate

Tax reform legislation expected to have more of a challenge in upper chamber.

SEC enforcement of advisers drops in Trump era

The agency pursued 82 cases against advisers and firms in fiscal year 2017, down from 98 the previous year.

PIABA accuses Finra of conflicts of interest

Public Investors Arbitration Bar Association report slams self-regulator over its picks for board of governors.

Betterment launches 'free' charitable-giving platform

Robo-software provider lets investors donate directly from their accounts, and will not charge charities with less than $1 million on the platform.

Cole Capital, once part of a company coveted by Nicholas Schorsch, is being sold

Vereit, formerly American Realty Capital Properties Inc., is selling Cole Capital as it exits the nontraded REIT business.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print