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

Featured video

INTV

Why millennial demand for ESG is falling on deaf ears

Editorial director Fred Gabriel and senior columnist Jeff Benjamin say there's a disconnect between the big appetite for environmental, social and governance funds in 401(k) plans and their offering.

Latest news & opinion

ESG options scarce in 401(k) plans

There's growing interest among plan participants, but reluctance to add funds that take into account environmental, social and governance factors persists.

Ameriprise getting ready to launch its bank

Firm's advisers will soon have access to lending products such as mortgages.

Envestnet acquires MoneyGuide for $500 million

Deal will allow Envestnet to deepen integrations between MoneyGuide and its other wealth management solutions.

Genworth move could signal big shift in distribution of long-term-care insurance

Insurers may turn to direct-to-consumer sales only, bypassing brokers and insurance agents.

Morgan Stanley threatens to pull out of Nevada over state's fiduciary rule

Wirehouse says it would not be able to work there under state's current proposal.

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