Stephen Patrick Tosha of Dallas, Texas, a stockbroker currently registered with Merrill Lynch Pierce Fenner Smith Incorporated, is the subject of a customer initiated investment related complaint on February 25, 2022, in which the customer requested compensatory damages based upon allegations that Tosha engaged in unauthorized trading in connection with the sale of foreign securities when he was associated with Merrill Lynch Pierce Fenner Smith Incorporated.
Tosha has also been fined $10,000.00 and suspended for two months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity because he caused Morgan Stanley’s records and books to be inaccurate. Letter of Acceptance Waiver and Consent No. 2018058794401 (May 8, 2019).
According to the AWC, from 2012 to 2016, Tosha executed disbursements from a customer’s line of credit account without the proper authorization while he was associated with Morgan Stanley. Tosha caused his assistant to improperly fill out a disbursement request form for a line of credit without the customer’s signature, which was required by the firm. On approximately 60 occasions, Tosha’s assistant, under Tosha’s direction, filled out and submitted the disbursement request without the customer’s signature. On at least two occasions, Tosha filled out the request form and submitted it for review and processing without the customer’s signature. Tosha violated FINRA Rules 4511, 2010, and Section 17(a) of the Securities Exchange Act of 1934.
