A former Morgan Stanley dealer who performed in the Nationwide Soccer League earlier than coming into the monetary companies trade was fined $15,000 by the Monetary Business Regulatory Authority and suspended for 4 months from associating with any FINRA member for a number of alleged violations.
The alleged violations by William Donovan Ard included using his private, unapproved cellphone to speak with shoppers, the regulator stated.
The allegations: Ard was additionally stated to have forwarded “deceptive” communication to at least one shopper about investing in a publicly traded biopharmaceutical firm in violation of FINRA Guidelines 2210(d) and 2010, and making a false assertion to Morgan Stanley compliance personnel in regards to the shopper’s use of borrowed funds in violation of FINRA Rule 2010, in line with the regulator.
Additionally, between April 2018 and Might 2020, Ard “mismarked as unsolicited at the least 49 orders” within the brokerage accounts of three shoppers, inflicting Morgan Stanley’s data to be inaccurate, in line with FINRA. By mismarking orders as unsolicited and speaking about agency enterprise in textual content messages that the wirehouse was unable to protect, Ard violated FINRA Guidelines 4511 and 2010, the regulator stated.
Ard was a guard for the New York Giants and Inexperienced Bay Packers and was with the Giants once they received the Tremendous Bowl in the 1986 season.
After his NFL profession ended, Ard joined the securities trade and labored for a number of corporations as a dealer and normal securities consultant, together with UBS (1992-2009), earlier than becoming a member of Morgan Stanley in 2009 as a dealer and GSR with the title of monetary advisor, in line with his report on FINRA’s BrokerCheck web site.