Clarence Mark Tingle, of Lewes, Delaware, a stockbroker currently registered with Morgan Stanley, has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he effected discretionary trades in customer accounts without authorization. Letter of Acceptance, Waiver and Consent, No. 2014042951501 (Nov. 4, 2015).
According to the AWC, from August of 2009 to June of 2014, discretion had been exercised in six Morgan Stanley customer accounts by Tingle, even though written authorization for the discretionary trading had not been provided to Tingle from customers. Consequently, FINRA found that Tingle’s conduct was violative of FINRA Rule 2010 and NASD Rule 2510(b).
FINRA Public Disclosure reveals that Tingle has been identified in two customer initiated investment related disputes containing allegations of his misconduct while employed with Morgan Stanley. Particularly, on October 20, 2009, a customer filed an investment related written complaint involving Tingle’s conduct, in which the customer requested $81,8115.45 in damages based upon allegations that Tingle failed to execute upon the customer’s instructions to sell over-the-counter equity positions.
Additionally, on October 9, 2014, a customer initiated investment related complaint regarding Tingle’s actions was settled for $40,954.50 in damages based upon allegations that Tingle effected trades in the customer’s account on an excessive basis.
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