Former Morgan Stanley rep fined over expense improprieties

Former Morgan Stanley rep fined over expense improprieties
Finra suspends Jacqueline Jacobsen for six months and fines her $5,000
APR 02, 2020
The Financial Industry Regulatory Authority Inc. has suspended Jacqueline Jacobsen and fined her $5,000 over her alleged misuse of funds in an expense program while employed as a representative at Morgan Stanley. Jacobsen, who worked at the firm in the Seattle, Wash., area from 2009 until she was discharged in 2018, allegedly misused the firm’s Alternative Flexible Grid program, which is used to give bonuses to support staff and for broker expenses. According to Finra’s letter of acceptance, waiver and consent, Jacobsen allegedly allocated about $3,200 to her assistant as a bonus on the condition that the assistant would return about $1,200 of the bonus to Jacobsen. Since leaving Morgan Stanley, Jacobsen has been affiliated with Independent Financial Group.

Latest News

Maryland bars advisor over charging excessive fees to clients
Maryland bars advisor over charging excessive fees to clients

Blue Anchor Capital Management and Pickett also purchased “highly aggressive and volatile” securities, according to the order.

Wave of SEC appointments signals regulatory shift with implications for financial advisors
Wave of SEC appointments signals regulatory shift with implications for financial advisors

Reshuffle provides strong indication of where the regulator's priorities now lie.

US insurers want to take a larger slice of the retirement market through the RIA channel
US insurers want to take a larger slice of the retirement market through the RIA channel

Goldman Sachs Asset Management report reveals sharpened focus on annuities.

Why DA Davidson's wealth vice chairman still follows his dad's investment advice
Why DA Davidson's wealth vice chairman still follows his dad's investment advice

Ahead of Father's Day, InvestmentNews speaks with Andrew Crowell.

401(k) participants seek advice, but few turn to financial advisors
401(k) participants seek advice, but few turn to financial advisors

Cerulli research finds nearly two-thirds of active retirement plan participants are unadvised, opening a potential engagement opportunity.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today’s choppy market waters, says Myles Lambert, Brighthouse Financial.

SPONSORED Beyond the dashboard: Making wealth tech human

How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave