Paul William Lascelle of Flemington New Jersey a stockbroker formerly registered with Morgan Stanley Smith Barney is the subject of a customer initiated investment related arbitration claim which was resolved for $45,000.00 in damages supported by accusations that unit investment trust, stock and mutual fund trades had been executed in the customer’s account in excessive amounts when Lascelle was associated with Morgan Stanley. Financial Industry Regulatory Authority (FINRA) Arbitration No. 18-01099 (Apr. 16, 2019).
This is the first complaint to be lodged against Lascelle since he was both sanctioned by FINRA and terminated by the securities broker dealer. Specifically, Lascelle has been fined $2,500.00 and suspended from associating with any FINRA member in any capacity founded on findings that between January of 2012 and August of 2016, trades had been effected by Lascelle in a Morgan Stanley customer’s account when Lascelle lacked any written authorization from the customer, and the customer’s account was not approved by Morgan Stanley for Lascelle’s discretionary trading. Letter of Acceptance Waiver and Consent No. 2017053501901 (Nov. 29, 2017). Lascelle’s conduct was violative of FINRA Rule 2010 and National Association of Securities Dealers (NASD) Rule 2510(b).
Lascelle was discharged by Morgan Stanley for cause on December 1, 2017.
