Bruce Arnold Plyer of Florham Park New Jersey a stockbroker formerly employed by Morgan Stanley has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he obstructed a FINRA investigation into allegations that he placed unapproved trades in customers’ investment accounts. Letter of Acceptance Waiver and Consent No. 2016052649001 (Oct. 29, 2018).
According to the AWC, in December of 2016, Morgan Stanley notified FINRA that it discharged Plyer on November 28, 2016 founded on accusations that Plyer had allegedly executed trades in Morgan Stanley customer accounts without obtaining customers’ permission beforehand.
Following up in this regard, on September 24, 2018, Plyer was asked by FINRA to provide recorded testimony on October 11, 2018 in reference to the allegations of his unauthorized trading. THe AWC stated that Plyer eventually contacted FINRA on October 1, 2018 to confirm that he received FINRA’s request for his testimony but that he would at no point be testifying. FINRA found that Plyer’s refusal to testify was conduct violative of FINRA Rules 2010 and 8210. FINRA barred Plyer from the securities industry as a result.
FINRA Public Disclosure reveals that Plyer is referenced in four customer initiated investment related disputes pertaining to accusations of his violative conduct while employed with Citigroup Global Markets, Inc. and Salomon Smith Barney, Inc. Specifically, a customer initiated investment related arbitration claim regarding Plyer’s conduct was settled for $190,000.00 in damages based upon allegations that transactions were effected in the customer’s account that were not suitable for the customer; fiduciary and contractual obligations owed to the customer had been breached; unauthorized trades were executed in the customer’s account; the customer had been defrauded; and transactions were effected in violation of New York Stock Exchange (NYSE) and National Association of Securities Dealers (NASD) rules. NASD Arbitration No. 99-00043 (Jan. 21, 2000).
On November 25, 2009, another customer initiated investment related complaint involving Plyer’s activities was resolved for $99,000.00 in damages supported by accusations that misrepresentations had been made to the customer concerning auction rate securities placed in the customer’s account. Thereafter, a customer initiated investment related arbitration claim involving Plyer’s conduct was settled for $600,000.00 in damages founded on allegations that transactions had been placed in the customer’s account on an excessive and unsuitable basis. FINRA Arbitration No. 11-00339 (June 21, 2012).
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