Andrew Todd Yocum of Lady Lake Florida a stockbroker registered with Morgan Stanley is the subject of a customer initiated investment related complaint on April 25, 2018 in which the customer requested unspecified damages based upon allegations that energy stock trades effected in the customer’s account by Yocum between 2014 and 2016 were not suitable for the Morgan Stanley customer and had caused the customer to experience unwarranted losses.
Financial Industry Regulatory Authority (FINRA) Public Disclosure confirms that Yocum has been identified in thirty-three more customer initiated investment related disputes concerning accusations of his misconduct while employed by securities broker dealers including Morgan Stanley. On July 6, 2017, a customer initiated investment related arbitration claim concerning Yocum’s activities was resolved for $55,000.00 in damages founded on accusations that misrepresentations were made to the customer by Yocum and that the Morgan Stanley customer was placed into unsuitable equities by the stockbroker while he was employed by Morgan Stanley. FINRA Arbitration No. 17-00450.
On December 21, 2017, a customer initiated investment related arbitration claim pertaining to Yocum’s conduct was settled for $99,999.99 in damages supported by allegations that the over-the-counter equities and direct investments recommended by Yocum had failed to be suitable for the Morgan Stanley Smith Barney customer. FINRA Arbitration No. 17-02042. Yocum is the subject of another customer initiated investment related arbitration claim which was settled on March 1, 2018 for $363,500.00 in damages based upon allegations of Yocum recommending stock transactions that were in no way suitable for the customer.
FINRA Public Disclosure reveals that Yocum has been barred from associating with any FINRA member in any capacity based upon findings that the stockbroker obstructed a FINRA investigation into allegations of his misconduct. Letter of Acceptance Waiver and Consent No. 2015048065701 (May 24, 2016). According to the AWC, FINRA sought to determine if Yocum provided vulnerable seniors with bad advice about energy securities. The regulator was also reviewing if trades had been effected by Yocum on an unauthorized basis. Yocum’s legal counsel informed FINRA that the stockbroker would not comply with its investigative requests. FINRA determined that Yocum’s refusal to testify in response to the allegations against him constituted the violation of FINRA Rules 2010 and 8210.
On May 4, 2017, Yocum was barred by Florida Office of Financial Regulation from being a stockbroker or investment adviser representative in the State of Florida according to a Final Order based on findings of his unauthorized transactions and poor investment advice while at Morgan Stanley. Order No. 67599-S. Yocum was discharged by Morgan Stanley founded on accusations of his unauthorized use of discretion in customer accounts.
