Lewis H. Robinson, of Aventura, Florida, a stockbroker formerly registered with Morgan Stanley, has been fined $10,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he attempted to settle a customer’s dispute away from his firm pertaining to accusations against him of excessive trading. Letter of Acceptance, Waiver and Consent, No. 2015047287101 (Aug. 31, 2017).
According to the AWC, from September of 2014 to August of 2015, three complaints were filed by a customer, HL, in reference to Robinson having charged HL with excessive commissions on transactions effected in the customer’s investment portfolio. Apparently, Robinson attempted to conceal from the firm that the customer complained by paying off the customer without the firm’s knowledge. FINRA found that Robinson paid HL’s spouse $12,203.23 to resolve allegations of his wrongdoing. FINRA found that Robinson’s settling of the customer’s matter without apprising his firm was conduct violative of FINRA Rule 2010.
FINRA Public Disclosure reveals that Robinson has been subject of ten customer initiated investment related disputes concerning accusations of Robinson’s misconduct while employed with PSI, UBS Financial Services Inc., and Morgan Stanley Smith Barney. Specifically, on October 2, 2015, a customer initiated investment related complaint involving Robinson’s conduct was settled for $95,000.00 in damages supported by allegations that Robinson made misrepresentations to the customer concerning yields on the customer’s investments, and effected the unauthorized liquidation of the customer’s individual retirement account.
Additionally, on November 9, 2015, a customer initiated investment related written complaint regarding Robinson’s activities was resolved for $4,400.00 in damages founded on accusations that Robinson failed to abide by the customer’s instructions concerning unit investment trust and mutual fund investments. Furthermore, on December 17, 2015, a customer filed an investment related written complaint regarding Robinson’s activities, in which the customer requested $54,000.00 in damages founded by allegations that Robinson placed exchange traded funds, closed end funds and stock investment transactions in the customer’s investment portfolio that were not suitable for the customer.
Moreover, on April 20, 2016, a customer initiated investment related written complaint involving Robinson’s conduct was settled for $8,000.00 in damages based upon allegations that he effected unsuitable exchange traded funds transactions in the customer’s account. Robinson was also subject of a customer initiated investment related arbitration claim, wherein the customer was awarded $29,060.00 in damages based on accusations against Robinson of suitability concerning stock investments placed in the customer’s account between 2013 and 2016.
Robinson was fired by Morgan Stanley on October 6, 2015, based on allegations that he arranged for an unauthorized fee reimbursement to be provided to a customer. Since February 9, 2016, Robinson has been associated with BB&T Securities, LLC.
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