Soreide Law Group is investigating possible investor claims against securities broker Miche D. Jean (CRD: 5918186, Rockville, Maryland). Notably, FINRA filed an enforcement or civil action against the securities broker, who worked for Morgan Stanley. Allegedly, Jean failed to testify when FINRA investigated the securities broker for potential FINRA rule violations on conversion. Here is a brief summary of FINRA’s allegations against Jean.
Supposedly, on March 10, 2023, FINRA initiated Department of Enforcement v. Miche Jean, Complaint No. 2022076975901 against Miche Jean. Notably, FINRA alleged that Jean failed to testify when FINRA investigated the securities broker for potential FINRA rule violations regarding conversion. Therefore, FINRA intends to sanction Jean.
Evidently, Maryland Division of Securities issued Consent Order No. 2022-0160 on November 15, 2022, sanctioning Miche Jean for infractions. Allegedly, Jean acted unethically. Therefore, Jean was barred as a securities broker by Maryland Division of Securities.
Jean committed unethical acts by initiating four separate ACH transfers from a client's brokerage account to pay for Jean's personal Discover credit card. This violated sections 11-302(a)(1), (a)(2), and (a)(3), as well as 11-306 of the Maryland Securities Act. Additionally, Jean failed to disclose these activities to the client, who remained unaware of the transfers until notified by Morgan Stanley at a later time.
Notably, FINRA issued Acceptance, Waiver, and Consent No. 2020063648601 on September 26, 2022, sanctioning Miche Jean for infractions. Allegedly, Jean engaged in discretionary trading and made unauthorized communications with clients regarding securities business. Therefore, Jean was fined $10,000 and suspended for 2 months as a securities broker.
Also, a Morgan Stanley Smith Barney client filed a complaint about Miche Jean. Namely, the client alleged that Jean engaged in unauthorized trading. Because of this, the client allegedly sustained damages on exchange traded funds. Therefore, on March 9, 2021, Morgan Stanley Smith Barney settled this matter by paying the client $35,000 in damages.
Jean worked for Morgan Stanley in Rockville, Maryland, as a securities broker from December 21, 2015, to November 12, 2020.
Have you experienced damages by investing with Miche Jean? If you have, contact Soreide Law Group at (888) 760-6552 and talk with an investment lawyer about a possible recovery of your losses. Soreide Law Group, who has recovered money for investors throughout the United States, represents clients on a contingency fee basis and advances all costs. Jean and brokerage firms Jean worked for deny accusations against them.
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