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Monthly Archives: March 2017

Broker Barred for Borrowing $300k from Clients

By Tom Costello of Costello Law Group  A former Morgan Stanley broker, Jeffrey Hunter Smith, was barred from the securities industry by FINRA for borrowing money from clients. Smith was registered with Morgan Stanley from 2009 to 2015. During his time there, Smith borrowed $300,000 from two clients without any written approval or […]

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Broker Wires $370k from Family Accounts

By Tom Costello of Costello Law Group  As a result of allegedly missing numerous red flags of broker misconduct, FINRA fined Ameriprise $850,000. The fine was imposed as a result of Ameriprise management’s failure to detect nine wire transfers, totaling $370,000, from customer accounts to the personal account of an Ameriprise Financial advisor. […]

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