FINRA sanctioned former Morgan Stanley (Palo Alto, CA) and present Fortune Financial Services (Palo Alto) broker Eugene Nathan Gordon for allowing a customer's wife to make withdrawals, including mutual fund trades and distributions, from her husband's retirement account without his written authorization and from an account the wife had no authority over.
In AWC #2018057579701, FINRA charged former Morgan Stanley stockbroker Gene Gordon (CRD #4744448) with facilitating at least 32 transactions totaling $317,704.88 from the husband's IRA and into a jointly-controlled bank account without the husband's written permission; investigators found that his wife, who directed the withdrawals, had no authorization over the IRA at issue and, thus, the transactions were unauthorized.
In 2017, a client alleged that Gordon engaged in unauthorized trading and withdrawals from an account by the client's wife and Gordon, indicating a relevant period of 2010-2017. The pending customer dispute, which lists variable annuities as the product type at issue in that case, seeks damages of $1.9 million.
In February 2018, Morgan Stanley discharged Gordon based on allegations that Gordon allowed a customer's wife, who was also a customer, to make withdrawals from the husband's retirement account without the husband's written authorization for the withdrawals or related transactions in mutual funds.
If you have invested with broker Eugene Gordon or an investment adviser who allowed an unauthorized person to direct withdrawals or transactions in your account without your permission or written authorization, and these unauthorized trades or transfers have proven harmful to your interests through the depletion of your account's balance, please call an experienced FINRA arbitration attorney at The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for an investigation and consultation.