Securities Arbitration Lawyers BlogBroker William Siegel Discharged by Morgan Stanley and Permanently Barred by FINRA
Allegations of churning, unsuitability, and questionable exercise of discretion surround barred broker.
William Siegel began his securities industry career in 2001 with Citigroup Global Markets Inc. in New York. Shortly after moving to Morgan Stanley & Co. in 2007, Siegel received his first complaint arising out of the sale of an auction rate security (ARS). The timing of the sale preceded the widespread auction failure and illiquidity that took place in mid-February 2008 and resulted in damages granted in the amount of $500,000.00.
In 2011, another complaint was registered against Siegel alleging churning in the customer’s account. Churning is the term used when a broker excessively trades within a customer account largely to generate commissions, without regard to the customer’s investment objectives.