SEC Implicates Ex-Morgan Stanley Broker for Soliciting Securities After Ban
Posted: Tue Nov 22, 2016 9:59 am
A former Morgan Stanley broker who was banned from the securities industry went on to solicit $2.7 million from a number of retired investors without disclosing that his licence was revoked, according to a Reuters report.
The US Securities and Exchange Commission (SEC) said that Rafael Calleja informed investors that their principal was insured and they would receive a fixed rate of return in one year.
Personal Enjoyment
Calleja allegedly used around $123,000 of the investors’ money for golf outings, cruises and other personal enjoyment.
In 2012, Calleja, who was a broker for Morgan Stanley in Tampa, Florida from 2008-2011, was permanently banned from ... (read more)