FINRA Fines, Suspends Morgan Stanley Broker James Harman McNeill (McKinney, Texas) Following Unauthorized Trades in Customer Accounts
James Harman McNeill (CRD #1206937, Registered Supervisor, McKinney, Texas) submitted a Letter of Acceptance, Waiver and Consent in which he was fined $15,000 and suspended from association with any FINRA member in any capacity for nine months. The suspension is in effect from March 18, 2013, through December 17, 2013. See FINRA Case #2012030927101. McNeill most recently was registered with Morgan Stanley Smith Barney, and previously was registered with Morgan Stanley & Co., Inc., and Morgan Stanley DW, Inc.
Without admitting or denying the findings, McNeill consented to the described sanctions and to the entry of findings that he exercised discretionary power in the accounts of his firm's customers without the customers' written authorization to place discretionary trades, and without his firm's written acceptance of the accounts as discretionary. The findings stated that McNeill entered orders for purchase transactions and falsely indicated that the transactions were unsolicited when in fact the trades were solicited. The transactions for the customers' accounts were purchases of a non-traditional ETF, which caused the firm's books and records to be inaccurate.
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