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Beginning August 26, 2022, the Financial Industry Regulatory Authority (FINRA) has barred former Morgan Stanley broker Doug Marshall McKelvey. The decision comes after the ex-Texas financial advisor refused to provide the information requested by the self-regulatory organization (SRO) in the latter’s inquiry into his firing by the broker-dealer in April 2022.
Morgan Stanley claims that they terminated McKelvey’s employment because he allegedly misappropriated funds from and engaged in unauthorized activities in the accounts of clients. McKelvey has consented to FINRA’s findings resulting in the permanent and indefinite bar.