The Investor’s Watchdog

The Investor's Watchdog

Colorado Morgan Stanley Broker Consents to FINRA Bar to Resolve Allegations of Engaging in Outside Business Activities and Executing Unauthorized Trades

Tuesday, January 15, 2019

On December 12, 2018, general securities representative Daniel Todd Levine submitted a Letter of Acceptance, Waiver, and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) Department of Enforcement to resolve allegations that he violated securities industry rules and regulations.

According to his FINRA BrokerCheck report, Levine was associated with Morgan Stanley in Greenwood Village, Colorado from June 2013 to August 2018, during the time period of the alleged misconduct. He voluntarily resigned from the firm after allegations arose that he had engaged in unapproved outside business activity. Levine was also associated with First Financial Equity Corporation in Greenwood, Village, Colorado from July 2018 to August 2018 and was discharged from the firm when he failed to disclose FINRA’s regulatory inquiry into the allegations surrounding his departure from Morgan Stanley.

Shortly after his departure from Morgan Stanley, FINRA Department of Enforcement began investigating the allegations. FINRA alleges in the AWC that Levine: 1) engaged in undisclosed outside business activities; 2) executed unauthorized trades; and 3) solicited a senior Morgan Stanley customer to borrow funds for an outside business activity. FINRA sent Levine multiple requests for documents and information pursuant to FINRA Rule 8210. Though Levine provided a partial response, he stated through counsel that he did not intend to provide a complete response to FINRA’s Rule 8210 request. Based on the foregoing, Levine violated FINRA Rules 8210 and 2010.

Without admitting or denying the allegations made against him by FINRA, Daniel Levine agreed to a bar from associating with any FINRA member firm in any capacity. FINRA Department of Enforcement approved the AWC on January 8, 2019, permanently barring Daniel Levine.

Oftentimes brokerage firms can be held liable for the brokers’ misconduct if they failed to supervise them while registered at the firm. If you lost money due to your broker’s misconduct, you may be able to recover from your broker or his or her member firm. Since 1998, the experienced attorneys at ChapmanAlbin LLC have been fighting for victims of investment fraud and broker misconduct. Call us today at 1-877-410-8172 for a free consultation.

 

Author: Jason T. Albin

Jason Albin is an Attorney and Partner at ChapmanAlbin, the investor rights law firm. He has represented hundreds of investors who have lost money due to broker misconduct, unsuitable investment advice and fraud.​ Jason also represents individuals in “whistleblower” suits filed against unscrupulous companies that try to defraud the US federal and state governments.

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