FINRA Suspends John-Aaron Lenhert After Loans From Firm Clients

John-Aaron Lenhert is a former registered broker and investment advisor whose last (and only broker) employer was Morgan Stanley (CRD#:149777) of Laguna Nigel, CA. No current employment information is available. He has been in the industry since 2011.

Morgan Stanley terminated Lenhert’s employment on 1/12/2017, after being notified of allegations that he borrowed money from three member firm clients, against FINRA and the firm’s policies.

On 6/20/2017, a customer filed a dispute that Lenhert borrowed an unspecified amount of money on four occasions and never repaid him. This claim was denied.

FINRA’s investigation found that John-Aaron Lenhert borrowed a total of $44,700 from three clients between December 2013 and September 2015. He did not consult with or notify the firm in writing of these outside business transactions, as the firm requires. The firm’s policies prohibit brokers and other firm employees borrowing money from clients unless the client is an immediate family member. These clients were not related to Lenhert.

Additionally, Lenhert did not disclose these financial dealings to the firm during two separate yearly routine compliance questionnaires. During an investigation interview, Lenhert stated that the loans were documented with promissory notes, and some of them was taken prior to his employment with Morgan Stanley. However, these statements were also false.

Lenhert signed an Acceptance, Waiver & Consent (AWC) letter, consenting to a five-month suspension from any affiliation with a FINRA member firm, and a $7,500 fine. The fine must be paid in order to become affiliated with another member firm.

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