Articles Tagged with Morgan Stanley

The Financial Industry Regulatory Authority (“FINRA”) has suspended financial advisor John Frederick Griner from the securities industry for 15-business days and fined him $15,000.   Mr. Griner’s sanctions arise from his improper use of discretion without written authorization.

John Griner was registered with Morgan Stanley in Athens, Georgia from March 2011, until his employment was terminated in October 2019.  Morgan Stanley allowed Mr. Griner to voluntarily resign after allegations arose concerning whether certain options trades were properly confirmed with the client before they were placed.

If you have suffered financial losses investing with John Griner or suspect that Ms. Griner did not have your best interest in mind when recommending investments, contact New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential review of your account.

FINRA has filed an enforcement complaint against Stephen Sloane, alleging that from January 2014 to January 2018, he recommended an unsuitable investment strategy to at least 14 customers.  The complaint alleges that Sloane did not have a reasonable basis for recommending that his customers engage in active, short-term trading of U.S. Treasuries with 10- and 30-year maturities.  FINRA alleged that Sloane did not conduct reasonable diligence to understand the effect of the strategy’s costs on the customers’ potential returns.  FINRA has also alleged that Sloane charged five customers excessive markups in violation of FINRA Rule 2121 and 2010.

Stephen Sloane was a financial advisor and registered representative at the following firms:

  • Westpark Capital, Inc., New York, NY (March 2016 – August 2020); and

On August 12, 2020, Morgan Stanley and FINRA entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) over allegations that it failed to reasonably supervise its former broker Kevin Gunnip. As part of the AWC, Morgan Stanley agreed to pay a $175,000 fine and was censured by FINRA. It also agreed to pay eight clients $774,574 in restitution. Two other customers have already settled separately with Morgan Stanley.

The Morgan Stanley AWC allegations involve Kevin Gunnip’s and its own conduct between 2012 and 2017:

  • Gunnip recommended short-term trades in ten customer accounts;
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