Articles Tagged with New Port Richey Florida Stockbroker Excessive Trading Lawyer

Terry Lee McCoy of New Port Richey, Florida submitted a Letter of Acceptance, Waiver, and Consent (AWC) in which he was barred by the Financial Industry Regulatory Authority (FINRA) for allegedly failing to supervise his firms’ representatives in violation of NASD Rule 3010, MSRB Rule G-27, and FINRA Rule 2010.

In March 1999, Terry McCoy joined Morgan Stanley as a General Securities Principal and Municipal Securities Principal. According to FINRA, during the period from September 2011 through July 2012, McCoy was branch manager of Morgan Stanley’s Palm Harbor, Florida branch and was responsible for supervising the business and activities of all employees. FINRA stated that while under McCoy’s supervision, two of the firm’s registered representatives engaged in excessive and unsuitable trading and used discretion in 6 accounts of a 79-year-old customer with severe physical disabilities without his authorization. Due to the excessive trading, the account generated commissions of over $9 million.  FINRA also stated that McCoy failed to follow up on multiple red flags and failed to detect discretion in the accounts, despite his routine meetings with the customer. Continue Reading