Finra Fines Retired Morgan Stanley FA
A retired Morgan Stanley advisor is on the hook for more than $737,000 for allegedly making unsuitable investment recommendations to elderly clients, according to a Finra letter of acceptance, waiver and consent.
Timothy Gibbons, who retired from Morgan Stanley in 2015 after a 42-year career in the industry, allegedly over-concentrated five elderly clients in a single energy sector security in 2014, according to the industry’s self-regulator. Up to 79% of the clients’ accounts were invested in what Finra says was a high-risk security, which allegedly resulted in collective losses of more than $960,000.
Finra has suspended Gibbons for 18 months, fined him $20,000 and ordered him to pay restitution of $717,000, according to the letter.
Gibbons retired from Morgan Stanley in April 2015, and in November the same year the firm filed an amendment to his termination record disclosing a customer lawsuit, Finra says.
November 22, 2017
Janus Henderson Investors
Columbia Threadneedle Investments
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