Robert Clark: FINRA Bars Boston Financial Advisor

A disciplinary action taken by the Financial Industry Regulatory Authority against former Boston, Massachusetts broker and investment advisor Robert Clark (CRD# 810261) barred him after finding he failed to provide testimony requested as part of its investigation into whether he used customer funds for his own purposes. A former representative of Moors & Cabot, Clark was barred from acting as a broker or otherwise associating with a broker-dealer firm.

According to a Letter of Acceptance, Waiver and Consent (No. 2018057361101) dated September 2018, Robert Clark was employed at Moors & Cabot from May 2013 until July 2018, when the firm disclosed his discharge over allegations he violated firm policy by “failing to obtain prior approval for an alleged loan [he] received from a customer.” FINRA initiated an investigation into whether he withdrew money from a customer’s brokerage account without the individual’s authorization and directed the money toward personal use. The regulator sent him a request on July 23, 2018 to provide on-the-record testimony, but Clark indicated to FINRA via phone call on August 21, 2018 that he would not appear or the requested testimony. FINRA found this refusal constituted a violation of FINRA Rules 8210 and 2010. As a result of the foregoing alleged conduct, he was barred from associating with any FINRA member in any capacity.

These are not the only allegations of unauthorized trading detailed on Robert Clark’s FINRA records. A 2013 disclosure, for instance, states that he was discharged from Morgan Stanley Smith Barney over “concerns” arising from his alleged use of discretion in client accounts. He has also received three customer complaints that reached settlements, two of which allege unauthorized trading.

A 2013 complaint alleged that as a representative of Morgan Stanley Smith Barney, he executed unauthorized trading in common and preferred stock products; the complaint reached a settlement of $34,000. A 2003 complaint alleged that as a representative of Morgan Stanley DW, he breached his fiduciary duty in connection to equities investments; the complaint reached a settlement of $41,250. And a 1992 complaint alleged that as a representative of First Boston Corporation, he executed an unauthorized stock purchase; the complaint reached a settlement of $44,500.

Robert Clark was also sanctioned by Massachusetts securities authorities in 2013 in connection to his termination from Morgan Stanley over allegations of unauthorized discretion use, as well as multiple customer complaints on his disclosure records. He was placed on heightened supervision and forbidden from having principal, supervisory, or managerial duties.

Robert Clark is currently not registered as a broker or investment advisor. His employment history includes Moors & Cabot in Boston, Massachusetts; Morgan Stanley in Boston, Massachusetts; Morgan Stanley & Company in Boston, Massachusetts; Morgan Stanley DW in Boston, Massachusetts; Cowen & Company in New York City;  Donaldson Lufkin & Jenrette Securities Corporation in Jersey City, New Jersey; SG Warburg & Company in New York City; CS First Boston Corporation in New York City; Morgan Stanley & Company in New York City; Bear Stearns & Company; William Blair & Company; and EF Hutton & Company. He currently holds zero state licenses and has passed seven securities industry qualification examinations.