Tom Puentes, a former registered representative with the Langley, Washington branch of Morgan Stanley, submitted a Letter of Acceptance, Waiver, and Consent in which he consented to, but did not admit to or deny, the Financial Industry Regulatory Authority’s (FINRA) findings that he entered discretionary trades in at least fourteen customer accounts without the necessary prior written authorization.
FINRA found that Tom Abel Puentes, of Langley, Washington, failed to obtain the necessary written authorization from his customers or his member firm when he exercised time and price discretion in the accounts of fourteen customers. According to FINRA, Mr. Puentes exercised discretion to purchase municipal bonds on approximately 220 occasions in his customers’ accounts, in contravention of his firm’s policies. Further, Mr. Puentes falsely answered “no” on his firm’s annual compliance questionnaire to the question asking if he had any accounts in which business is transacted on a discretionary basis. Continue Reading