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Ex-Morgan Stanley Rep Barred for Allegedly Not Cooperating with Investigation

By Alex Padalka January 11, 2019

Finra has barred a former Morgan Stanley financial advisor who left the wirehouse following allegations of unapproved outside business, according to the self-regulator.

Morgan Stanley allowed Daniel Todd Levine to resign voluntarily in July over allegations of engaging in possibly unapproved outside activities, according to his BrokerCheck profile.

Levine became registered with First Financial Equity Corporation the same month but the company discharged him in August for alleged failure to disclose a regulatory inquiry, according to BrokerCheck.

Finra had requested information from Levine that month in relation to allegations of undisclosed outside business activities, executing unauthorized trades and soliciting a client for loans to fund his outside business activities, according to a letter of acceptance, waiver and consent published by Finra.

The regulator granted Levine an extension until the end of September, but Levine allegedly sent incomplete information, and, following Finra’s request for the rest of the documents, told the regulator through his lawyer that he would not provide a complete response, according to Finra. Levine consented to the bar without admitting or denying the regulator’s findings, according to the letter of consent.

Levine had been in the financial services industry since 1997, Finra says. Before joining Morgan Stanley, he also had stints at Merrill Lynch and UBS, according to BrokerCheck.

(iStock Photos)

Aside from the two employment separation notices, Levine has one other disclosure on his record: a customer dispute from July alleging the former advisor had copied her signature onto documents, Finra says. That dispute was closed with no action, with Levine stating that the customer’s son sent him “a letter apologizing for his mother’s false claims,” according to BrokerCheck.