Sign up to create alerts for Instruments,
Economic Events and content by followed authors
Free Sign Up Already have an account? Sign In
John Berry
Dec 21, 2022 3:52AM ET
Scammers all over the market
0
0
Quotes
All Instrument Types
- All Instrument Types
- Indices
- Equities
- ETFs
- Funds
- Commodities
- Currencies
- Crypto
- Bonds
- Certificates
Please try another search
⏰ React to the Market Faster with Custom, Real-Time News Get Started
Two equity bankers lose their Morgan Stanley broker licenses - U.S. regulator
© Reuters. FILE PHOTO: The corporate logo of financial firm Morgan Stanley is pictured on a building in San Diego, California September 24, 2013. REUTERS/Mike Blake
By Saeed Azhar and Chris Prentice
NEW YORK (Reuters) -Two Morgan Stanley (NYSE:MS) equity syndicate bankers, Pawan Passi and Charles Leisure, are no longer listed as registered brokers at the Wall Street firm, according to industry regulator FINRA's website.
Passi, a managing director at the bank, was no longer registered as a broker with the Financial Industry Regulatory Authority (FINRA) as of Dec. 16. His FINRA profile includes a disclosure about a pending customer dispute that alleges "misrepresentation with respect to block trading" in 2021.
The broker registration for Leisure, an executive director, also ended Dec. 16, his FINRA profile showed.
Arnaud Blanchard became the head of the equity syndicate desk in New York earlier this year, according to his LinkedIn profile. He succeeded Passi.
Bloomberg earlier reported that the two had left the firm, adding that Passi had been placed on leave last year, followed by Leisure this year.
Morgan Stanley declined to comment.
Emails to Passi's and Leisure's work addresses said they are out of the office and will not be reviewing incoming email communications. The emails asked senders to contact others on the syndicate desk for assistance. Passi could not be reached by phone. Leisure did not respond to a phone call, text message and a LinkedIn message seeking comment.
Morgan Stanley in February disclosed that U.S. regulators and prosecutors were probing various aspects of the investment bank's block trading business. It did not specify which team or teams were being investigated.
Broker-dealers frequently buy and sell blocks of shares, either on behalf of clients or as part of a hedging strategy, which are large enough to move a company's share price.
Related Articles
Comments (2)
Minh Vo
Dec 21, 2022 1:40AM ET
US market dies
0
0
Add Chart to Comment
Confirm Block
Are you sure you want to block %USER_NAME%?
By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.
%USER_NAME% was successfully added to your Block List
Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.
Report this comment
I feel that this comment is:
Comment flagged
Thank You!
Your report has been sent to our moderators for review
Add a Comment
We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
Enrich the conversation, don’t trash it.
Stay focused and on track. Only post material that’s relevant to the topic being discussed.
Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.