ATTENTION INVESTORS: FINRA Fines, Suspends Morgan Stanley Broker FRANK VENABLE

The Financial Industry Regulatory Authority (FINRA) announced January 3, 2019 that Morgan Stanley general securities representative Frank Venable (CRD#: 1461515, Knoxville, Tennessee) will be suspended and must pay a $5,000 fine for trading without permission in accounts of Morgan Stanley clients. Specifically, in a Letter of Acceptance, Waiver and Consent (“AWC”) #2017056098601  Venable submitted on December 12, 2018, and executed by FINRA January 3, 2019, Venable accepted FINRA’s findings of him violating FINRA and NASD Rules.
FINRA says Venable made almost 400 trades in three Morgan Stanley clients’ accounts from January 2014 to March 2016. Particularly, clients did not give Venable authorization for the trades. Not only that, but Morgan Stanley did not accept the clients’ accounts as discretionary.
Later, Venable falsely attested to Morgan Stanley that he did not exercise discretion in any accounts. FINRA suspended Venable from being a broker or associating with brokers as punishment for Frank Venable’s discretionary trades and false statements.
Moreover, at least five investors contested Frank Venable’s sales practices, according to FINRA BrokerCheck. Here is a summary of those disputes:

May 10, 2017 Arbitration Alleging Frank Venable’s Excessive Trading Of Mutual Funds, UITs

A client of Morgan Stanley Smith Barney brought FINRA Arbitration #17-02833 on May 10, 2017 in regard to Venable’s trading. Mainly, the client stated that Venable made excessive trades for four years in the client’s account. Supposedly, Venable unreasonably moved the client’s assets in and out of mutual funds, unit investment trusts and structured products. Because of this, the client seeks compensatory relief in this pending matter.

August 3, 2007 Complaint Involving Frank Venable, Unsuitable Variable Annuity

 
Frank Venable previously worked at J.J.B. Hilliard, W.L. Lyons, Inc. While there, Venable serviced the investment account of a client who later complained about his sales practices. Specifically, the client alleged that a variable annuity was not a suitable investment for the client. As a result, the client brought a claim for damages. However, this matter was not pursued after August 14, 2007.

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