Debra Kaye Lyman, a former registered representative with the Holladay, Utah branch of Morgan Stanley, submitted a letter of acceptance, waiver, and consent in which she consented to, but did not admit to or deny, the Financial Industry Regulatory Authority’s (FINRA) findings that she entered discretionary trades in several customers’ accounts without the necessary prior written customer authorization.
FINRA found that Debra Lyman, of West Jordan, Utah, neglected to obtain the necessary written customer authorization or the acceptance by her firm of the accounts as discretionary when she effected discretionary trades in at least six customers’ accounts. According to FINRA, Debra Lyman had been previously reprimanded and suspended by Morgan Stanley for engaging in similar broker misconduct. Further, Ms. Lyman allegedly misrepresented on a Firm Employee Sales Questionnaire that she had not transacted business on a discretionary basis for any accounts. Continue reading →