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FINRA has barred this individual from acting as a broker or otherwise associating with a broker-dealer firm.
FINRA has suspended this individual from acting as a broker. Please see the detailed report for more information
The representative was previously registered both as an investment adviser and as a broker. Visit BrokerCheck for more information on this individual's Broker record. Go to BrokerCheck Site
Time Frame: January 7, 2009 to October 31, 2012
Allegations: The client alleges the FA misrepresented the risks in connection with the purchases and the ratings of the bonds were unsuitable for their investment goals and profiles.
Damage Amount Requested
$10,873.00
2/23/2017
Customer Dispute
Settled
Allegations
Time Frame: unspecified in claim
Claimants allege that their investments in Puerto Ricn bonds were unsuitable, overconcentrated, and misrepresented.
Damage Amount Requested
$480,000.00
Settlement Amount
$65,000.00
8/8/2016
Regulatory
Final
Initiated By
FINRA
Allegations
Respondent Slater failed to comply with an arbitration award or settlement agreement or to satisfactorily respond to a FINRA request to provide information concerning the status of compliance.
Resolution
Letter
Sanctions
Suspension
Registration Capacities Affected
Any capacity
Duration
n/a
Start Date
8/8/2016
Regulator Statement
Pursuant to Article VI, Section 3 of FINRA By-Laws, and FINRA Rule 9554, Respondent Slater is suspended on August 8, 2016 for failure to comply with an arbitration award or settlement agreement or to satisfactorily respond to a FINRA request to provide information concerning the status of compliance.
3/24/2016
Customer Dispute
Settled
Allegations
Claimants allege unsuitable recommendations and misrepresentations in connection with their purchases of Puerto Rico government bonds. Time Frame: October 2012 - July 2015.
Damage Amount Requested
$90,788.94
Settlement Amount
$30,000.00
3/18/2016
Regulatory
Final
Initiated By
FINRA
Allegations
Without admitting or denying the findings, Slater consented to the sanction and to the entry of findings that he failed to provide documents and information as requested by FINRA during the course of an investigation into allegations that he accepted a loan from a customer.
Resolution
Acceptance, Waiver & Consent(AWC)
Bar
Bar (Permanent)
Registration Capacities Affected
All Capacities
Duration
Indefinite
Start Date
3/18/2016
10/9/2015
Employment Separation After Allegations
Firm Name
MORGAN STANLEY
Termination Type
Discharged
Allegations
Allegations about adherence to firm's guidance regarding certain sales activity and possible involvement in an unreported loan from a customer while at a prior firm.
10/9/2015
Customer Dispute
Settled
Allegations
Time Frame: 2013. Client's Attorney alleges that FA borrowed $210,000 from client, tried to hide the fact from her children and has not and cannot pay the client back. Attorney also alleges that FA excessively traded client's account in unsuitable investments.
Settlement Amount
$170,000.00
9/22/2015
Customer Dispute
Settled
Allegations
CLIENT'S ATTORNEY ALLEGES UNSUITABILITY AND EXCESSIVE TRADING WITH RESPECT TO INVESTMENTS - FEBRUARY 2014 - SEPTEMBER 2015. DAMAGES UNSPECIFIED.
Settlement Amount
$24,999.00
License(s)
The broker is not currently registered with any state or SRO.
A brokerage firm, also called a broker-dealer, is in the business of buying and selling securities – stocks, bonds, mutual funds, and certain other investment products – on behalf of its customer (as broker), for its own bank (dealer), or both. Individuals who work for broker-dealers - the sales personnel are commonly referred to as brokers.
IA
Investment Adviser
An investment adviser is paid for providing advice about securities to clients. In addition, some investment advisers manage investment portfolios and offer financial planning services.
Disclosures
Disclosures can be customer complaints or arbitrations, regulatory actions, employment terminations, bankruptcy filings and certain civil or criminal proceedings that they were a part of.
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Disclosures can be customer complaints or arbitrations, regulatory actions, employment terminations, bankruptcy filings and certain civil or criminal proceedings that they were a part of.