Anthony Joseph Verzi, of Melbourne, Florida, a stockbroker formerly registered with 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 failed to cooperate in a FINRA investigation into allegations of his unsuitable investment trading activities. Letter of Acceptance, Waiver and Consent, No. 20160518298-01 (June 7, 2017).
According to the AWC, in July of 2016, FINRA was notified by Morgan Stanley that Verzi’s registration with the firm was terminated. In October of 2016, an investigation was launched by FINRA into allegations that Verzi possibly effected unit investment trusts in customer accounts despite the products not having been suitable for customers.
The AWC stated that Verzi was sent correspondence from FINRA on May 2, 2017, based on Rule 8210, wherein Verzi was asked by FINRA staff to provide recorded testimony in furtherance of FINRA’s investigation into his activities. However, Verzi’s counsel responded to FINRA staff on May 15, 2017, to indicate that Verzi received FINRA’s request but would at no point be cooperating. FINRA found Verzi’s failure to make an appearance for testimony to be conduct violative of FINRA Rules 2010 and 8210, which resulted in his permanent bar.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Verzi has been named in two customer initiated investment related disputes concerning allegations of his wrongdoing while associated with Morgan Stanley. Particularly, on May 11, 2005, a customer filed an investment related written complaint involving Verzi’s conduct based upon allegations that he did not abide by the customer’s instructions to sell nearly $90,000.00 of equities held in the customer’s account.
Moreover, on December 2, 2016, a customer filed an investment related written complaint regarding Verzi’s activities based upon allegations that Verzi, from 2014 to 2016, effected inappropriate unit investment trust transactions in the customer’s account, with the primary purpose of accumulating commissions from the customer.
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