{"id":7167,"date":"2019-06-04T13:14:00","date_gmt":"2019-06-04T18:14:00","guid":{"rendered":"https:\/\/www.investorlawyers.com\/?p=7167"},"modified":"2019-06-04T13:14:00","modified_gmt":"2019-06-04T18:14:00","slug":"broker-suspended-over-alleged-churning","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/broker-suspended-over-alleged-churning\/","title":{"rendered":"Ex-Morgan Stanley Broker Suspended Over Alleged Churning"},"content":{"rendered":"

\t\t\t\tDavid Strnad, a longtime broker, has been suspended by the Financial Industry Regulatory Authority (FINRA)<\/a> for 18 months. According to his BrokerCheck record<\/a>, in 2016, the daughter of a client accused Strnad of churning in her father\u2019s account while he was a registered Morgan Stanley<\/a> representative. Following the allegations, FINRA opened a probe into the matter.<\/p>\n

The self-regulatory authority (FINRA) found that Strnad made over 270 trades involving CDs in the account of one elderly customer between 2013 and 2015. While the client had given the former Morgan Stanley broker permission to purchase the CDs, Strnad allegedly exceeded the authority granted to him when he sold the CDs before they matured and used the money made from those transactions to purchase more CDs for the client.<\/p>\n

As a result, said FINRA, the client ended up paying nearly $4300 commissions that were not warranted. Morgan Stanley has since paid that money back to the client.<\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

David Strnad, a longtime broker, has been suspended by the Financial Industry Regulatory Authority (FINRA) for 18 months. According to his BrokerCheck record, in 2016, the daughter of a client accused Strnad of churning in her father\u2019s account while he was a registered Morgan Stanley representative. Following the allegations, FINRA opened a probe into the […]<\/p>\n","protected":false},"author":2,"featured_media":7092,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3773,3775,3739],"tags":[2659,2282,2283],"class_list":["post-7167","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-broker-fraud","category-churning","category-finra","tag-churning","tag-david-strnad","tag-morgan-stanley"],"yoast_head":"\nEx-Morgan Stanley Broker Suspended Over Alleged Churning — Investor Lawyers Blog — June 4, 2019<\/title>\n<meta name=\"description\" content=\"David Strnad, an ex-Morgan Stanley broker, has been suspended by the Financial Industry Regulatory Authority for 18 months over allegations of churning.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" 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