Morgan Stanley financial advisor, Anthony Joseph Verzi (Verzi), recently settled allegations with the Financial Industry Regulatory Authority (FINRA) following an enforcement action. The underlying basis of the investigation involved allegations Verzi engaged in potential unsuitable Unit Investment Trust (UIT) trading in client accounts. As a consequence of Verzi’s failure to cooperate with FINRA’s investigation, FINRA permanently barred him from the financial industry.
Verzi (FINRA CRD No. 1186572) entered the financial industry in 1983. From 2009 to August 2016, Verzi worked for Morgan Stanley. Verzi was terminated in August 2016, and he is no longer associated with any FINRA-member.
FINRA’s Department of Enforcement initiated an investigation into Verzi’s alleged misconduct. FINRA specifically investigated whether Verzi engaged in potential unsuitable Unit Investment Trust trading in client accounts. FINRA sent Verzi a request to provide documents and information pursuant to FINRA Rule 8210. According to FINRA, Verzi failed to cooperate with the investigation.
Based upon the foregoing alleged misconduct, FINRA asserted Verzi violated FINRA Rules 2010 and 8210. Specifically, FINRA Rule 8210 authorizes FINRA, in the course of its investigations, to require persons associated with a FINRA member to “provide information orally, in writing, or electronically . . . with respect to any matter involved in the investigation...” Here, Verzi failed to provide information in response to FINRA’s request, thereby violating FINRA Rule 8210.
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