National investment loss lawyers KlaymanToskes reports broker/investment advisor William Ard (CRD# 1133673) of Morgan Stanley has been suspended from acting as a broker or associating with a broker-dealer firm by the Financial Industry Regulatory Authority (“FINRA”).
FINRA’s decision comes after Ard mismarked as unsolicited at least 49 orders in the brokerage accounts of three Morgan Stanley customers, causing Morgan Stanley’s records to be inaccurate. Further, Ard forwarded a promissory, unwarranted, and misleading communication to his customer and used an unapproved platform for business-related communications.
Investors that suffered losses with William Ard at Morgan Stanley in Short Hills, NJ may be entitled to a financial recovery. Contact Lawrence L. Klayman, Esq. immediately at (888) 997-9956 or lawrence@klaymantoskes.com to discuss your recovery options. We do not collect attorney’s fees unless we are able to obtain a financial recovery for you.
FINRA’s Department of Enforcement entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) with William Ard, disclosing that he consented to sanctions of a $15,000 fine and a four-month suspension from associating with any FINRA member in all capacities.
According to the AWC, on May 31, 2018, Ard forwarded an email to a firm customer (“Customer A”) about investing in a publicly traded biopharmaceutical company. FINRA found that the email allegedly contained promissory, unwarranted, and misleading statements. In addition, Ard made a false statement to Morgan Stanley compliance personnel about Customer A’s use of LAL funds (Liquidity Access Line accounts).
Finally, between April 2018 and May 2020, Ard mismarked at least 49 orders in the brokerage accounts of three Morgan Stanley customers as unsolicited that were in fact solicited. This reportedly caused the firm’s records to be inaccurate and FINRA found that “the vast majority of these transactions were purchases of call options in Customer A’s brokerage account.”
According to FINRA, brokerage firms such as Morgan Stanley 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.
Former and current customers of William Ard that suffered losses due to misconduct and/or securities violations may hold their brokerage firm responsible through a FINRA arbitration claim. Contact KlaymanToskes immediately to discuss your recovery options at 888-997-9956 or on the web at www.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
lawrence@klaymantoskes.com