Former Morgan Stanley rep barred for using customer funds

Justin Mair says he 'mistakenly' paid his electric bill with client money.
JUN 14, 2018

A former Morgan Stanley broker, who was discharged in 2016, has been barred by the Financial Industry Regulatory Authority Inc. for making improper use of a customer's funds. Finra said that between April and July 2016, Justin Travis Mair "converted" approximately $722 from a customer's account. Finra defines conversion as the intentional and unauthorized "taking of and/or exercise of ownership over property by one who neither owns the property nor is entitled to possess it." According to his BrokerCheck record, Mr. Mair was discharged by Morgan Stanley after he used a customer's account to pay his electric bill. In his record, he said this was a mistake. Mr. Mair is no longer associated with a securities firm. He began his career at Fidelity in 2006 and had worked at E*Trade and Wells Fargo Advisors before joining Morgan Stanley in 2012.

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