Joseph Adam Eisler, of New York, New York, a stockbroker registered with Morgan Stanley, has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in all capacities by FINRA because Eisler shared in a customer’s profits and communicated with customers in violation of the securities broker dealer’s policies. Letter of Acceptance, Waiver, and Consent No. 2022077330501 (March 27, 2025).
According to the AWC, Eisler’s registration with Morgan Stanley ended when the firm submitted a Form U5 reporting that he had resigned while under internal review. The review was focused on allegations that he used unauthorized messaging platforms to communicate about customer trades and entered into an unapproved financial arrangement with a customer.
FINRA initiated its investigation after receiving the Form U5 and determined that Eisler had been allocating shares of new stock issues to a customer and receiving a portion of that customer’s profits in return. Instead of directly collecting a percentage of the gains, Eisler charged unusually high commissions on unrelated trades as a way to receive this compensation. Over time, he collected more than $120,000.00 through this arrangement. Therefore, he violated FINRA Rules 2010, 2150(c), and 5131(a).
In addition, over a span of eight years, he exchanged hundreds of messages that should have been conducted through firm-approved systems. Morgan Stanley was required to keep copies of all communications related to its securities business.
Also, each year between 2014 and 2022, Eisler signed internal compliance forms falsely stating that he was following firm policy and not using unauthorized methods to conduct business. He caused the firm to fall short of its recordkeeping duties. Therefore, he violated FINRA Rules 2010 and 4511.
FINRA Public Disclosure also shows that on April 6, 2009, a customer filed an investment related complaint involving Eisler’s conduct in which the customer requested $59,922.00 in damages based upon allegations that Eisler failed to follow instructions and made unsuitable recommendations in mutual funds when Eisler was associated with Morgan Stanley. This complaint was denied.
Eisler was also referenced in a customer initiated investment related complaint filed on June 2, 2010, in which the customer requested more than $5,000.00 in damages based upon allegations that Eisler made unsuitable recommendations and engaged in unauthorized trading in closed-end funds, stocks, and mutual funds when Eisler was associated with Morgan Stanley Smith Barney. The securities broker dealer denied this complaint.
On March 20, 2023, a customer initiated investment related complaint involving Eisler’s conduct was settled for $900,000.00 in damages based upon allegations that Eisler made misrepresentations of material fact in connection with the sale of securities.
Eisler was associated with Morgan Stanley in New York, New York from June 1, 2009 to December 19, 2022. Eisler was associated with LPL Financial LLC in Blue Bell, Pennsylvania from December 19, 2022 to March 27, 2025.
