Our firm is investigating Morgan Stanley financial advisor Anissa G. Calhoun (CRD# 4880593) of Spartanburg, South Carolina for potential investment-related misconduct arising from a customer complaint alleging misappropriation of funds in connection with her role as a trustee.
Financial Advisor’s Career History
According to publicly available records, including FINRA BrokerCheck and SEC Investment Adviser Public Disclosure reports, Anissa G. Calhoun has been registered in the securities industry since 2008. Over the course of her career, she has been associated with the following firms:
- Morgan Stanley / Morgan Stanley Smith Barney LLC (Spartanburg, South Carolina) – Currently registered as a broker and investment adviser representative and employed as a group director. Her registration with Morgan Stanley (CRD# 149777) began in May 2023, and she is licensed in numerous U.S. states.
- UBS Financial Services Inc. (Greenville, South Carolina) – Previously registered as a customer service associate and representative from approximately June 2009 through May 2023.
- Merrill Lynch, Pierce, Fenner & Smith Incorporated (Greenville, South Carolina) – Earlier employment beginning around 2008 and ending in 2009.
These records show a long tenure at UBS Financial Services Inc. followed by her move to Morgan Stanley, where she presently works out of a branch office in South Carolina.
Anissa G. Calhoun Fraud Allegations and Investor Complaints Explained
Public disclosure records indicate that Anissa G. Calhoun has been the subject of at least one customer dispute disclosed on her regulatory record. That matter appears on her report as a customer-initiated civil dispute involving allegations of misappropriation of funds in a trust context.
The reported disclosure identifies the following key details:
- Type of Disclosure: Customer dispute (civil litigation / written complaint reported by the firm).
- Allegation Type: Misappropriation.
- Capacity: The complaint involves her role as a trustee or in a position of trust over funds.
- Time Frame of Alleged Misconduct: August 10, 2012 through September 2, 2015.
- Product Type: “No product” is identified, suggesting the dispute focuses on handling of funds rather than a specific security.
- Alleged Damages: The disclosure notes that the client made no specific claim for monetary damages and that alleged damages are reported as $0.
- Complaint Received Date: October 1, 2025.
- Current Status / Disposition: The firm has reported the matter as “Denied” as of October 14, 2025, meaning the firm reviewed the complaint and did not offer any relief to the customer.
Importantly, a denied complaint does not mean the allegations lack merit, nor does it prove wrongdoing. It simply reflects the firm’s internal position and reporting of the matter to regulators. Investors should understand that these are allegations, not findings of liability, and that no final adjudication has yet been made by a court or regulatory body based solely on the disclosure.
For easier reference, the disclosure can be summarized as follows:
- Disclosure 1 – Customer Dispute (Civil Matter)
- Nature of Allegations: Trustee alleges misappropriation of funds.
- Time Period at Issue: 08/10/2012 – 09/02/2015.
- Product Involved: No specific investment product identified.
- Alleged Damages: $0 (no damages claimed in the complaint).
- Status: Denied by the firm on 10/14/2025 after receiving the complaint on 10/01/2025.
Although the complaint has been denied, allegations of misappropriation are serious. Misappropriation claims often raise questions about whether a broker or advisor improperly used, diverted, or controlled client or trust funds for purposes not authorized by the customer or governing documents. Even when there is no specific security at issue, regulators and arbitrators may examine whether a registered person’s conduct violated industry rules and fiduciary obligations.
Investors who believe they have suffered losses due to similar conduct—whether through misappropriation, self-dealing in a trust, or other forms of investment fraud—may have claims for recovery in FINRA arbitration or related proceedings.
To obtain a copy of Anissa G. Calhoun’s FINRA BrokerCheck report, visit this link.
Robert Wayne Pearce Is Committed to Recovering Your Investment Losses
FINRA Rule 2150 specifically addresses the improper use of customer funds and is particularly relevant to misappropriation allegations.
Rule FINRA Rule 2150 (“Improper Use of Customers’ Securities or Funds; Prohibition Against Guarantees and Sharing in Accounts”) provides that no member or associated person may make improper use of a customer’s securities or funds. In plain terms, this means a broker or advisor cannot:
- Divert customer money for personal use;
- Move funds between accounts for purposes not authorized by the client or governing documents;
- Use customer assets as if they were the broker’s own; or
- Otherwise engage in conduct that treats customer funds in a way inconsistent with instructions, agreements, or duties owed to the customer.
Where a trustee or advisor is alleged to have misappropriated funds—such as in a family trust or other fiduciary arrangement—FINRA arbitrators often look to Rule 2150 to determine whether the handling of those funds was “improper.” Even if no securities were purchased or sold, the misuse of money under the control of a registered person can still fall under the scope of this rule.
If investigators or arbitrators conclude that a broker caused unauthorized withdrawals, unapproved transfers, or other misuse of assets over the time period alleged (here, 2012–2015), they may find a violation of Rule 2150 and order compensation to affected investors.
In addition to Rule 2150, FINRA’s catch-all ethics rule—FINRA Rule 2010—often applies whenever a broker’s conduct raises concerns about honesty, integrity, or fair dealing with clients.
Rule FINRA Rule 2010 (“Standards of Commercial Honor and Principles of Trade”) requires member firms and associated persons to observe high standards of commercial honor and just and equitable principles of trade in the conduct of their business. Unlike more narrowly drafted rules, Rule 2010 is intentionally broad and can be invoked in many different situations, including:
- Misappropriating funds from clients or employers;
- Forging or altering documents;
- Concealing conflicts of interest;
- Engaging in deceptive or dishonest practices that may not be captured by a more specific rule.
In a case where a trustee or advisor is accused of misappropriating funds over several years, arbitrators might examine whether the alleged conduct reflects a failure to meet the high ethical standards required by Rule 2010. Even if no criminal charges are filed and no specific product is at issue, misusing a client’s money—or failing to handle it in alignment with fiduciary duties—can be framed as a violation of this broad ethical standard.
For investors, the key takeaway is that Rule 2010 gives FINRA and arbitration panels substantial flexibility to address conduct that appears dishonest or unfair, even when the acts fall outside the more technical provisions of other rules.
FINRA Rule 4511 governs how firms create and preserve the books and records that document customer accounts, transactions, and communications.
Rule FINRA Rule 4511 (“General Requirements”) requires member firms to make and preserve books and records as required under FINRA rules and the federal securities laws. It also mandates that those records be maintained for specified periods and in a format that allows regulators to review them.
In a misappropriation case, accurate and complete records are critical. To properly investigate a claim like the one involving Anissa G. Calhoun, regulators and attorneys will often analyze:
- Account statements and transaction records over the entire time frame of the alleged misconduct;
- Internal firm records documenting transfers, disbursements, or changes in account ownership;
- Communications between the advisor, the client, and any co-trustees or beneficiaries.
If a firm’s records are incomplete, misleading, or improperly kept, that can complicate efforts to trace money and determine whether misappropriation occurred. Poor recordkeeping can also independently violate Rule 4511, even if the underlying allegations are not ultimately proven.
For investors, the recordkeeping rules matter because they help ensure there is a paper trail that can be analyzed in FINRA arbitration or court. When records are properly maintained, it is generally easier to reconstruct what happened in a trust or brokerage account and to prove (or disprove) allegations of misappropriation or other misconduct.
Losing your savings to a dishonest broker or advisor can be devastating, but you do not have to face it alone. Robert Wayne Pearce and his team have spent over four decades helping investors who were misled or defrauded by Wall Street firms. The Law Offices of Robert Wayne Pearce, P.A. takes cases nationwide on a contingency fee basis. You pay nothing unless we recover your losses. Call (800) 732-2889 or email pearce@rwpearce.com today for a free and confidential consultation.