Missouri

The Enforcement Section of the Missouri Securities Division alleges an action that constitutes sufficient grounds to discipline Respondent in accordance with Section 409.4-412(c)

Consent

Monetary Penalty other than Fines

$4,000.00

FINRA

Without admitting or denying the findings, MacLean 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 in the firm's order entry system, causing the trade confirmations to show an inaccurate representative code. The findings stated that MacLean entered into an agreement through which he and another representative working from the same branch office agreed to service certain customer accounts, including executing trades for those accounts, under a joint representative code that they shared with a retired representative. The agreement set forth what percentages of the commissions MacLean, the other representative, and the retired representative earned on trades placed using the joint representative code. MacLean placed trades in accounts that were covered by the agreement using a representative code other than the one he should have used. Specifically, although his firm's system prepopulated the trades with the applicable joint representative code, MacLean changed the code for the trades to a different representative code that he shared only with the other representative. MacLean changed the codes because he mistakenly believed that his agreement with the retired representative did not apply to new assets added to accounts subject to the agreement. The firm's trade confirmations for the trades inaccurately reflected the representative code that MacLean shared only with the other active representative. MacLean's actions resulted in his receiving higher commissions from the trades than what he was entitled to receive pursuant to the agreement. MacLean's firm later reimbursed the retired representative.

Acceptance, Waiver & Consent(AWC)

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

$5,000.00

Suspension

All capacities

45 days

12/18/2023

1/31/2024

Massachusetts

Agent discharged from MS for concerns that he submitted transactions under,and moved assets to, production numbers that were inconsistent with an agreement that resulted in a shortfall of revenue credited to the other agent as part of Former Advisor Program.

Consent

Undertaking

MSSB

Discharged

Allegations that the representative submitted transactions under and moved assets to production numbers that were inconsistent with an agreement with another representative resulting in a shortfall of revenue credited to the other representative. No client was impacted or harmed.