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Former Morgan Stanley Advisor in North Carolina Faces Suspension and Fine for Unauthorized Trading

Posted on November 1st, 2023 at 1:17 PM
Former Morgan Stanley Advisor in North Carolina Faces Suspension and Fine for Unauthorized Trading

From the desk of Jim Eccleston at ÍøÆØ³Ô¹Ï 

The Financial Industry Regulatory Authority (FINRA) has suspended and fined a former Morgan Stanley advisor in Raleigh, North Carolina.

Arun K. Aggarwal, an industry veteran with 35 years of experience, carried out 163 trades in a non-discretionary account between June 2021 and September 2022 without securing permission from the client. Although the client was aware of those trades taking place, they had not given prior written authorization for them, as reported by FINRA.

FINRA stated that Aggarwal incorrectly labeled all 163 discretionary trades as "unsolicited." Consequently, he breached FINRA's rules regarding unauthorized trading and the necessity for precise record-keeping and adherence to high standards. Aggarwal will serve a two-month suspension and pay a fine of $7,500, as reported by AdvisorHub.

 

ÍøÆØ³Ô¹Ï LLC represents investors and financial advisors nationwide in securities, employment, transition, regulatory, and disciplinary matters.

Tags: eccleston, eccleston law

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