Client alleges, inter alia, FA did not act in claimant's best interest with respect to the management of client's account Nov 2018- May 2021

$24,999.99

In order to avoid the costs and uncertainties of litigation, Morgan Stanley agreed to pay Claimant $24,999.00 in full and final settlement of any and all claims asserted by Claimant in this proceeding.

FINRA

Without admitting or denying the findings, Beasley consented to the sanctions and to the entry of findings that he caused his member firm to maintain inaccurate books and records by changing the representative code for trades, causing the trade confirmations to show an inaccurate representative code. The findings stated that Beasley entered into an agreement through which he agreed to service certain customer accounts, including executing joint trades for those accounts, under a joint representative code that he shared with the estate of a retired representative. The agreement set forth what percentages of the commissions Beasley and the retired representative's estate would earn on trades placed using the joint representative code. Although the firm's system correctly prepopulated the trades with the applicable joint representative code, Beasley negligently entered the trades under his personal representative code. The firm's trade confirmations inaccurately reflected Beasley's personal representative code instead of the joint representative code that Beasley shared with the estate of a retired representative. Beasley's actions resulted in his receiving higher commissions from the trades than what he was entitled to receive pursuant to the agreement. Later, the firm reimbursed the estate of the retired representative.

Acceptance, Waiver & Consent(AWC)

Civil and Administrative Penalty(ies)/Fine(s)

$2,500.00

Suspension

All capacities

one month

5/2/2022

6/1/2022

MSSB

Discharged

Allegations that the representative submitted transactions under production numbers that were inconsistent with agreements with other representatives resulting in a shortfall of revenue credited to the other representatives.