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

Citi sees Q3 profit jump as wealth unit books record $38B in net new assets
Citi sees Q3 profit jump as wealth unit books record $38B in net new assets

The banking giant's wealth arm extends its revenue streak as it pushes to exit consent orders weighing on growth since 2020.

Retirement plan defaults leave key participant decisions unresolved
Retirement plan defaults leave key participant decisions unresolved

New Allspring research finds 401(k) participants want guidance on income and rollovers, not just portfolio automation.

Global equity release market set to triple, with US leading growth
Global equity release market set to triple, with US leading growth

Aging homeowners hold record housing wealth - but most advisors still aren't bringing it into retirement plans

Retiree alleges advisor withheld $600K through real estate LLC web
Retiree alleges advisor withheld $600K through real estate LLC web

$1.7M invested from an inheritance. Then the phone went dead.

SEC accuses Linqto chiefs of 'Wizard of Oz' investor deception
SEC accuses Linqto chiefs of 'Wizard of Oz' investor deception

The pre-IPO platform sold $430M in units while allegedly rigging prices behind the scenes.

SPONSORED Built on insurance experience to deliver on long-term promises

Knighthead Life entered the market with a competitive MYGA. A strong launch earned advisor confidence and paved the way for FIAs.

SPONSORED In the Age of AI, Trust Becomes the Advisor's Greatest Asset

As AI makes financial information more accessible than ever, Lana Hock explains why human judgment, trust, and empathy remain the qualities clients value most in a financial advisor