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Troy Mackey, a Stockbrokerwith Morgan Stanley, was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member after consenting to findings that Mackey failed to cooperate in FINRA’s investigation into allegations that Mackey converted funds from two minor relatives. Letter of Acceptance, Waiver, and Consent, No. 4466980. (July 16, 2015). Mackey is barred from acting as a broker or otherwise associating with firms that sell securities to the public, according to FINRA.
According to the AWC, FINRA contacted Mackey on May 4, 2014 in order to request that Mackey provide testimony, pursuant to Rule 8210, in connection with allegations that he had converted money from his minor relatives. After first receiving a continuance in providing documents to FINRA, Mackey’s counsel indicated to FINRA on June 29, 2015, that Mackey would not be appearing for testimony or cooperating with FINRA at any point in the future. Consequently, FINRA found Mackey to be in violation of Rules 8210 and 2010, leading to Mackey’s permanent bar.
FINRA registered representatives like Mackey who do not cooperate with FINRA’s investigations often face a permanent bar from practicing in the securities industry as such lack of cooperation violates FINRA’s Rule 8210 – requiring that no member or person shall fail to provide information or testimony or permit an inspection and copying of books, records, or accounts pursuant to the rule. FINRA typically accompanies a Rule 8210 violation with a Rule 2010 violation when individuals, according to FINRA, do not appear to observe high standards for commercial honor and just and equitable principles of trade.
Firms and individuals, not surprisingly, are prohibited from unauthorized use of customer funds, borrowing of a customer’s securities or funds, forgery, non-disclosures or misstatements of material facts, and various deceptions and manipulations. Such conduct can also be found to violate criminal and other civil laws, and be subject to sanction from the federal and state government bodies.
Public disclosure records via FINRA’s BrokerCheck reveal that Mackey has been subject to three disclosure incidents. On June 19, 2012, Mackey settled a dispute with a customer for $1,951.11 after the customer requested reversal of investments entered into in April 2012 due to alleged improper conduct by Mackey. On April 28, 2015, Morgan Stanley discharged Mackey for loss of management confidence after a client alleged that Mackey requested a loan from her.
Guiliano Law Group
If you have been the victim of securities fraud and you have a complaint, you should consult with an attorney. The practice of Nicholas J. Guiliano, Esquire, and The Guiliano Law Group, P.C., is limited to the representation of investors in claims for fraud in connection with the sale of securities, the sale or recommendation of excessively risky or unsuitable securities, breach of fiduciary duty, and the failure to supervise. We accept representation on a contingent fee basis, meaning there is no cost unless we make a recovery for you, and there is never any charge for a consultation or an evaluation of your claim. For more information contact us at (877) SEC-ATTY.