STUART JAMES SIEGEL - Investment Adviser

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Detailed ReportReport

STUART JAMES SIEGEL

CRD#: 835515

Previous Investment Adviser

Previous Broker

BARRED BY FINRA OR THE SEC

FINRA has barred this individual from acting as a broker or otherwise associating with a broker-dealer firm.

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

Licenses

Licenses

0 Licenses

Registration History

Disclosure(s)

View By:

12/30/2013

Regulatory

Final

Initiated By

FINRA

Allegations

FINRA RULE 2010 - STUART SIEGEL WAS APPOINTED PRESIDENT OF A FOUNDATION ESTABLISHED AFTER THE DEATH OF ONE OF HIS CUSTOMERS AND OPENED A BROKERAGE ACCOUNT AT HIS MEMBER FUND TO FUND ITS ACTIVITIES. SIEGEL OBTAINED HIS FIRM'S PERMISSION TO SERVE AS PRESIDENT BUT FIRM POLICIES PROHIBITED HIM FROM RECEIVING ANY COMPENSATION AND FROM SERVING AS THE REGISTERED REPRESENTATIVE FOR THE FOUNDATION'S BROKERAGE ACCOUNT. SIEGEL'S ROLE INCLUDED REVIEW OF GRANTS AND DONATIONS AND HE WAS RESPONSIBLE FOR PLACING TRADES. SIEGEL HAD ACCESS TO THE FOUNDATION'S CHECKING ACCOUNT, COULD WITHDRAW FUNDS, AND HAD AUTHORITY TO USE ITS DEBIT CARD. SIEGEL USED THE FOUNDATION'S FUNDS, TOTALING MORE THAN $76,000, FOR HIS PERSONAL BENEFIT. SIEGEL USED THE FUNDS TO REPAY LOANS, PAY HIS CHILDREN'S SCHOOL TUITION, AND PAY PERSONAL LIFE INSURANCE POLICY PREMIUMS, WITHOUT INFORMING OR SEEKING PERMISSION FROM FOUNDATION OFFICERS OR BOARD MEMBERS. AFTER SIEGEL'S FIRM DISCOVERED THE CONVERSION, HE REIMBURSED THE FOUNDATION FOR THE EXPENDITURES.

Resolution

Decision & Order of Offer of Settlement

Bar

Bar (Permanent)

Registration Capacities Affected

All Capacities

Start Date

6/17/2014

Regulator Statement

WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, SIEGEL CONSENTED TO THE SANCTION AND TO THE ENTRY OF FINDINGS THAT HE WRONGFULLY CONVERTED MORE THAN $76,000 OF A FOUNDATION'S FUNDS FOR HIS PERSONAL USE. THE FINDINGS STATED THAT SIEGEL WAS APPOINTED PRESIDENT OF THE FOUNDATION, WHICH WAS ESTABLISHED BY A CUSTOMER'S ESTATE AFTER THE CUSTOMER'S DEATH, AND OPENED A BROKERAGE ACCOUNT AT HIS MEMBER FIRM TO FUND ITS ACTIVITIES. SIEGEL OBTAINED HIS FIRM'S PERMISSION TO SERVE AS PRESIDENT, BUT FIRM POLICIES PROHIBITED HIM FROM RECEIVING ANY COMPENSATION AS AN OFFICER OF THE FOUNDATION AND FROM SERVING AS THE REGISTERED REPRESENTATIVE FOR THE FOUNDATION'S BROKERAGE ACCOUNT. SIEGEL CEASED BEING THE BROKER OF RECORD AT HIS FIRM FOR THE FOUNDATION. AS PRESIDENT, SIEGEL HAD ACCESS TO THE FOUNDATION'S CHECKING ACCOUNT, COULD WITHDRAW FUNDS FROM THAT ACCOUNT, AND HAD AUTHORITY TO USE ITS DEBIT CARD, WHICH BORE HIS NAME. SIEGEL WAS ALSO RESPONSIBLE FOR PLACING TRADES IN THE FOUNDATION'S BROKERAGE ACCOUNT. SIEGEL USED THE FOUNDATION'S FUNDS FOR HIS PERSONAL BENEFIT, AND DID NOT INFORM FELLOW FOUNDATION OFFICERS OR BOARD MEMBERS THAT HE USED FUNDS FOR PERSONAL EXPENSES, NOR DID HE SEEK THEIR PERMISSION PRIOR TO DOING SO. ONLY AFTER SIEGEL'S FIRM DISCOVERED THE CONVERSION DID HE, REIMBURSE THE FOUNDATION FOR THE EXPENDITURES.

Previous Registration(s)

th hidden text	th hidden text	Name	Location
IA	07/09/2013 - 01/27/2014	OPPENHEIMER & CO. INC. (CRD#:249)	SARASOTA, FL
IA	06/01/2009 - 12/17/2012	MORGAN STANLEY (CRD#:149777)	VENICE, FL
IA	05/31/2005 - 06/01/2009	CITIGROUP GLOBAL MARKETS INC. (CRD#:7059)	VENICE, FL
IA	06/17/1994 - 06/06/2005	MORGAN STANLEY (CRD#:7556)	VENICE, FL

OPPENHEIMER & CO. INC. (CRD#:249)

SARASOTA, FL

07/09/2013 - 01/27/2014

MORGAN STANLEY (CRD#:149777)

VENICE, FL

06/01/2009 - 12/17/2012

CITIGROUP GLOBAL MARKETS INC. (CRD#:7059)

VENICE, FL

05/31/2005 - 06/01/2009

MORGAN STANLEY (CRD#:7556)

VENICE, FL

06/17/1994 - 06/06/2005

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Broker

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.

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

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