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

INTV

Female leaders highlighted as future of financial advice

InvestmentNews recognized 20 Women to Watch for their efforts to advance the financial advice industry.

Latest news & opinion

Merger mania: Why consolidation in the RIA space is about to explode

The pace is expected to pick up as big firms seek to get even bigger and older advisers look to cash out.

Voya Financial Advisors exposes more sensitive adviser information on its website

List of top advisers at the firm comes after Social Security numbers were put at risk.

Securities America hit with lawsuit seeking $18 million in damages

Firm is dealing with the fallout from a rogue broker it fired a year ago.

Brian Block continues his legal fight to stay out of prison

A judge denied Mr. Block's motion for a new trial, but he wants another day in court.

10 social media stars you're not following yet, but should be

Some of the great people using social media to discuss wealth management and financial advice who might not be on your radar.

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