Two Morgan Stanley bankers were stripped of their brokerage licenses
2022.12.21 12:05
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Two Morgan Stanley bankers were stripped of their brokerage licenses
Budrigannews.com – Two (NYSE:) Morgan Stanley value partner investors, Pawan Passi and Charles Recreation, are not generally recorded as enlisted agents at the Money Road firm, as per industry controller FINRA’s site.
As of December 16, Passi, a bank managing director, was no longer registered as a broker with the Financial Industry Regulatory Authority (FINRA). A disclosure about a pending customer dispute in 2021 that alleges “misrepresentation with respect to block trading” is included in his FINRA profile.
The executive director Leisure’s broker registration also came to an end on December 16, according to his FINRA profile.
According to his LinkedIn profile, Arnaud Blanchard was promoted to the position of head of the equity syndicate desk in New York earlier this year. He took over for Passi.
Bloomberg had previously reported that the two had left the company, adding that Leisure and Passi had both been placed on leave this year.
Messages to Passi’s and Relaxation’s places of business said they are out of the workplace and won’t audit approaching email correspondences. The senders of the emails were instructed to seek assistance from other members of the syndicate desk. Passi did not answer the phone. An inquiry via LinkedIn, phone call, and text message did not receive a response from Leisure.
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In February, Morgan Stanley made it clear that U.S. prosecutors and regulators were looking into a number of different facets of the investment bank’s block trading business. The team or teams under investigation were not specified.
Blocks of shares large enough to affect a company’s share price are frequently purchased and sold by broker-dealers, either on behalf of clients or as part of a hedging strategy.
