Soreide Law Group, a Securities Arbitration Law Firm, (888) 760-6552, obtained the following summation of information on FINRA’s website under “Disciplinary and Other FINRA Actions, September, 2014.”
Morgan Stanley Smith Barney LLC (CRD #149777, Purchase, New York)
was censured, fined $1,000,000, and required to conduct a review of their systems and written procedures which are used to supervise its Former Financial Advisor Program (FFAP) or similar program involving the payment of commissions to retired representatives.
FINRA alleges that Morgan Stanley Smith Barney LLC failed to establish, maintain and enforce written procedures to supervise the payment of continuing commissions to retired representatives.
FINRA's findings stated that Morgan Stanley Smith Barney LLC paid more than $100 million in commissions to former retired registered representatives. Several of the individuals were not registered or associated with a registered firm at the time of the payments.
FINRA's findings also stated that Morgan Stanley Smith Barney LLC did not have a section of its WSPs that addressed the payment of continuing commissions under the FFAP, nor did Morgan Stanley Smith Barney LLC have any method for supervising these payments. The certifications and letters that Morgan Stanley Smith Barney LLC failed to maintain were necessary to comply with the terms of the 2008 No-Action Letter, and were necessary to permit Morgan Stanley Smith Barney LLC to detect whether the retired representatives were acting as unregistered brokers.
(FINRA Case #2011029683301)
This ends the information obtained from FINRA’s website.
The Soreide Law Group represents clients nationwide before FINRA. If you have investment losses due to your stock broker or financial advisor’s recommendations, call for a free consultation with an attorney on how to potentially recover those losses: 888-760-6552.
Soreide Law Group has filed a FINRA arbitration on behalf of our clients (Claimants) against: CONCORDE INVESTMENTS SERVICES, LLC, and BERTHEL, FISHER & COMPANY FINANCIAL SERVICES, INC (Respondents). The Claimants are in their late 70s, retired, and according to the lawsuit, were not looking to take any unnecessary risks with their retirement savings. The Claimants […]
THEODORE WILLIAM BYRER (THEODORE W BYRER, TED BYRER) was registered as a broker with MORGAN STANLEY of Indianapolis, Indiana, from 11/11/2013 - 04/20/2023. He was most recently registered with INTERNATIONAL ASSETS ADVISORY, INC of Westfield, Indiana, from 05/09/2023 - 09/17/2024. According to his BrokerCheck CRD report, dated 7/23/2026, THEODORE W BYRER was suspended for 14 […]
MARK LAWRENCE SULLIVAN (MARK SULLIVAN, MARK L SULLIVAN), formerly with UBS Wealth Management USA in New York City, was fined $10,000 and suspended for three months by the Financial Industry Regulatory Authority (FINRA) over allegations that he traded in customers’ accounts without the proper approval. Sullivan was previously registered both as a broker and as an […]
Phone:
Fax: 1-954-760-6553
Email: info@securitieslawyer.com