National investment loss lawyers KlaymanToskes reports broker/investment advisor Sharon Hayut (CRD# 5552070) has been suspended from acting as a broker or associating with a broker-dealer firm by the Financial Industry Regulatory Authority (“FINRA”). The decision comes after the former broker allegedly accepted monetary gifts from a senior Morgan Stanley customer.
According to FINRA BrokerCheck, Sharon Hayut was previously registered as a broker with Morgan Stanley from 2009 to 2022 in New York, NY. Hayut is currently registered as an investment advisor with Magnus Financial Group in New York, NY.
Investors that suffered losses with Sharon Hayut may be entitled to a financial recovery. Contact Lawrence L. Klayman, Esq. immediately at (888) 997-9956 or lklayman@klaymantoskes.com to discuss your recovery options at no cost.
On June 13th, 2023, FINRA’s Department of Enforcement entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) with Sharon Hayut, disclosing that Hayut consented to sanctions of a four-month suspension from associating with any FINRA member in all capacities and a $10,000 fine.
According to the AWC, the matter originated from a complaint made to FINRA. In January 2021 and May 2021, Hayut allegedly accepted two checks totaling $50,815 from a senior customer who was one of her long-time Morgan Stanley clients. FINRA found that both checks, issued from one of the customer’s Morgan Stanley accounts, were made payable to the synagogue to which Hayut belonged.
Hayut was allegedly aware of Morgan Stanley’s gift policies and failed to disclose her acceptance of the customer’s monetary gifts to the firm, in violation of firm policies. FINRA found that “in March 2021, after accepting the first check, Hayut incorrectly answered ‘no’ to the question of whether she had received a gift from a customer valued at over $100 within the last 12 months on her annual compliance questionnaire”.
Hayut violated FINRA Rule 2010, which requires brokerage firms and their registered representatives to “observe high standards of commercial honor and just and equitable principles of trade.”
According to FINRA, brokerage firms are responsible for the supervision of all of the activities of their registered brokers/financial advisors. Investors may be entitled to a financial recovery if their brokerage firm failed to supervise the representative managing their brokerage account, and/or if their broker/advisor made unsuitable investment recommendations.
Investors that suffered losses with Sharon Hayut may have recovery options. Contact attorney Lawrence L. Klayman, Esq., to discuss your legal options at 888-997-9956 or by email at lklayman@klaymantoskes.com. We do not collect attorney’s fees unless we are able to obtain a financial recovery for you.
KlaymanToskes is a leading national securities law firm which practices exclusively in the field of securities arbitration on behalf of retail and institutional investors throughout the world in large and complex securities matters. The firm has recovered over $250 million in FINRA arbitrations and over $350 million in other securities litigation matters. KlaymanToskes has office locations in California, Florida, New York, and Puerto Rico.
KlaymanToskes, P.A.
Lawrence L. Klayman, Esq.
888-997-9956
lklayman@klaymantoskes.com
www.klaymantoskes.com