FINRA fined Morgan Stanley Smith Barney LLC broker Shawn Michael Richardson and censured him for exercising discretion in a customer's account without permission.
According to the findings, Richardson effected two discretionary transactions in a Morgan Stanley customer's account without prior written authorization from the customer and without approval from the firm.
The report states that Richardson sold the customer's positions in two securities with a combined value of $138,137 and subsequently requested an outgoing wire transfer for $129,890 . Investigators found that although Richardson and his client previously discussed selling securities verbally, the two allegedly never agreed to a designated sale price or time and Richardson allegedly did not speak to his client the day of the sales.
If you have invested with a broker or financial adviser whose use of discretion in a non-discretionary account or in any other circumstance in which the broker did not receive permission or approval to effect such transactions, and these financial transactions have proven harmful to your investments or interests, please call The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for investigation and consultation.