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Investor Lawyers BlogMorgan Stanley Wealth Management To Pay Over $949K for Inadequately Supervising Ex-Broker Kevin Gunnip
Morgan Stanley Settlement Includes FINRA Fine and Investor Restitution
According to the Financial Industry Regulatory Authority (FINRA), Morgan Stanley Wealth Management has consented to pay a $175K fine and more than $774K in restitution for allegedly failing to supervise its former broker Kevin Gunnip.
The Texas-based financial representative is accused of excessively trading in preferred securities and corporate bonds over five years, causing 10 customers to lose more than $900K.