Rockville, Maryland Morgan Stanley Broker Barred by FINRA

Miche Jean was a registered securities salesperson with Morgan Stanley in Rockville, Maryland since 2015. However, on November 12, 2020, Morgan Stanley submitted a Termination Notice (Form U5), indicating that they terminated Jean’s employment due to concerns related to his trading strategy for certain clients, potential unauthorized discretion in specific accounts, and incomplete and delayed communication with clients regarding transactions. Furthermore, on March 30, 2021, an amended Form U5 disclosed a customer complaint alleging unauthorized trading with exchange-traded funds (ETFs) during Jean’s tenure at Morgan Stanley.

Then, on November 15, 2022, the Maryland Securities Commissioner issued a Consent Order in which Jean admitted to fraudulent actions during his time with Morgan Stanley in Maryland. Specifically, he was found to have initiated four ACH transfers, totaling $10,182, from a Morgan Stanley customer’s brokerage account to cover his personal credit card expenses.

FINRA, a national self-regulatory securities regulator, recently barred Mr. Miche from the industry pursuant to a decision by its Office of Hearing Officers.

Securities firms such as Morgan Stanley have legal duties requiring them to reasonably supervise their brokers to attempt to prevent fraudulent and criminal activity. Greco & Greco’s local Maryland Securities Fraud Lawyers have decades of experience representing customers against securities firms and brokers for cases of investment fraud and theft by brokers. Please contact Scott Greco for a free attorney consultation if you believe that you may have been the victim of similar misconduct.