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ARTICLE · 14 JUNE 2017

FINRA Bars Securities Trader For Violating Firm-Prohibited Bond Transactions

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FINRA permanently barred a former FINRA-registered Morgan Stanley representative for circumventing company trading policy and for unethical conduct.

United StatesFinance and Banking
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FINRA permanently barred a former FINRA-registered Morgan Stanley representative for circumventing company trading policy and for unethical conduct. The representative was charged with concealing trades of Venezuelan bonds, trading in which the firm had restricted due to regulatory, anti-money laundering and reputational risks. The representative's former sales assistant was also suspended for one year by FINRA and fined $10,000.

From May 2010 through March 2012, the representative concealed the prohibited trades by using the names of financial institutions without their knowledge or consent in order to make trades on behalf of third-party customers, some of whom were not approved to trade through Morgan Stanley. As a result, the representative was able to avoid compliance with Morgan Stanley's buy-side confirmation requirement. The requirement was instituted to ensure that bonds were not purchased as part of a currency conversion trade, a practice prohibited by

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