Paul William Lascelle of Flemington, New Jersey, a stockbroker registered with Morgan Stanley, has been fined and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity by consenting to findings that he engaged in the unauthorized trading of a customer’s investment account. Letter of Acceptance, Waiver and Consent, No. 2017053501901 (Nov. 29, 2017).
According to the AWC, between January of 2012 and August of 2016, during the time that Lascelle was associated with Morgan Stanley, he placed trades in a customer’s investment account even though he lacked any authorization. Particularly, Lascelle failed to obtain the customer’s written approval, and traded in an account that the firm did not accept for purposes of discretionary trading to be exercised by stockbrokers. Consequently, FINRA found that Lascelle’s conduct was violative of FINRA Rule 2010 and NASD Rule 2510(b).
FINRA Public Disclosure reveals that on March 7, 2001, a customer filed an investment related written complaint regarding Lascelle’s activities, where the customer alleged that Lascelle, while associated with Wells Fargo Advisors, LLC, failed to follow the customer’s instructions of liquidating her stock position.
Subsequently, on March 13, 2017, a customer filed an investment related written complaint involving Lascelle’s conduct, where the customer alleged that between 2013 and 2016, while associated with Morgan Stanley Smith Barney, he placed unit investment trust, mutual fund and stock transactions in the customer’s account on an excessive basis.
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