Industry organization Finra has barred a former Morgan Stanley broker for refusing to appear for testimony for its investigation of his departure, according to the self-regulator.

The wirehouse permitted Raymond Keith Malicki to voluntarily resign in July, following allegations of “access to, and conducting transactions in, a client’s account at a third party financial institution,” according to his BrokerCheck profile.

In August, Malicki associated with Oppenheimer & Co., where apparently he is still currently employed, according to both his BrokerCheck file and a letter of acceptance, waiver and consent published by Finra.

The month Malicki was hired, Oppenheimer filed an amendment to his Form U-4 to disclose the allegations from Morgan Stanley related to his resignation, the regulator says. Last month, Finra requested Malicki appear for testimony related to the amendment but Malicki refused, according to the letter of consent. He agreed to the bar without admitting or denying Finra’s findings, the regulator says.

Malicki had been in the financial services industry since 1991 and has three customer disputes dating back to 1998, two of which have been settled and one of which has been denied, according to BrokerCheck.

Separately, the SEC has obtained a federal court order judgment against a former Wells Fargo Advisors representative, the regulator says.

In September, the SEC filed a complaint against John Gregory Schmidt alleging that he had sold securities belonging to some of his brokerage clients and secretly moved more than $1 million in proceeds to pay back other customers, the regulator says in a litigation release.

Schmidt agreed to pay $235,614 in disgorgement and $35,049 in prejudgment interest, as well as a civil monetary penalty of $864,301, without admitting or denying the SEC’s allegations, the regulator says.


In January, Schmidt was charged with 124 counts of forgery, two counts of theft from an elderly or disabled adult, and two counts of fraud by the office of the prosecuting attorney of Montgomery County, Ohio.

Finra had barred Schmidt in March 2018 for failing to respond to its request for information. He had been registered with Wells Fargo from December 2006 to November 2017, until the firm terminated him over allegations of unauthorized transactions between client accounts.