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Alexandria Broker Simon Joseph Sanctioned: Trading Violations
Former Morgan Stanley broker/adviser Simon Joseph (CRD# 5602157), who is currently registered with BB&T Securities in Alexandria, Virginia, was recently the subject of a FINRA sanction in connection to allegations he exercised discretion without proper authorization. Joseph was issued a 30-day suspension and a fine of $10,000.
According to a Letter of Acceptance, Waiver and Consent (No. 2016050914401) dated October 2019, Simon Joseph became registered with Morgan Stanley in August 2009, where he remained until the firm filed notice of his termination in August 2016 in connection to concerns “relating to the exercise of discretion in certain client accounts, and accuracy of marking certain trades as unsolicited.” According to FINRA’s findings, he conducted about 2,200 discretionary transactions in a total of eleven accounts held by five customers. FINRA states that Joseph had received verbal authorization from the customers to exercise discretion in their accounts, but he had not obtained written authorization, nor had he requested or received the firm’s approval to do so. According to FINRA, he additionally mis-marked order tickets for a total of 126 trades as “unsolicited” transactions when in fact he had solicited them. He also allegedly solicited transactions in securities rated “underweight” for 110 of the transactions according to FINRA, even though firm policy prohibited representatives from soliciting purchases of underweight securities. FINRA found all of these activities to constitute violations of FINRA Rules 2510(b), 2010, and 4511. As a result of the foregoing alleged conduct, he was issued a suspension from associating with any FINRA member in any capacity for 30 days. He was also ordered to pay a fine of $10,000.
Simon Joseph’s BrokerCheck report also lists one customer complaint against him. Filed in 2016, it alleges that as a representative of Morgan Stanley, he executed unauthorized trades in the customer’s account. the complaint reached a settlement of $70,000.
Simon Joseph is currently registered with as a broker with BB&T Securities in Alexandria, Virginia, where he has been registered since 2016. His previous registrations include Morgan Stanley, AXA Advisors, and ING Financial Partners. He has passed four securities industry qualifying examinations and currently holds 15 state securities licenses. (Information current as of April 20, 2020.)