Finra has barred a former Morgan Stanley representative after he refused to testify regarding accusations that he improperly traded within client accounts.
Anthony Vincent Ferrone, of Mahwah, N.J., was barred by Finra Wednesday as part of an agreement in which he neither denied nor admitted to the accusations.
Ferrone appeared before a Finra panel, but he left before he had finished testifying, which is a violation of Finra rules.
Ferrone worked for Morgan Stanley from July 2011 to August 2016.
He is the latest Morgan Stanley broker fined for unsuitable trades concerning unit investment trusts. In June, Anthony Joseph Verzi, a Florida-based representative with the firm, agreed to a penalty that barred him from the industry after refusing to testify at another Finra hearing into trading abuses.
In recent months, Finra has barred or otherwise sanctioned brokerage representatives from LPL, Cetera, Stifel and several others.
According to Ferrone’s Finra BrokerCheck profile, he entered the securities industry in 1983, first working at Philips, Appel & Walden. Through his 33-year career, Ferrone worked at 11 different firms, including Smith Barney, Lehman Brothers, UBS and Stifel.
Finra lists six disclosures on Ferrone’s record as a broker: four customer disputes, one financial disclosure and one civil judgment against him.
His most recent employer was Ameriprise Financial Services, where he worked from Sept. 9, 2016, to April 18.
Ferrone is no longer employed in the securities industry, according to Finra.