Finra bars former Morgan Stanley broker for dealings with client who later became his wife
Michael J. O'Connor refused to testify in a Finra disciplinary hearing about his termination.
Finra has barred a former Morgan Stanley broker who was fired for his financial arrangements with a client, even though he later married her.
Morgan Stanley fired Michael J. O’Connor in January “based on concerns related to the timing of his disclosure of his status of power of attorney and financial arrangement with a client, who ultimately became his wife,” according to a settlement with the Financial Industry Regulatory Autority Inc.
Finra said that Mr. O’Connor, a former Morgan Stanley representative in Pepper Pike, Ohio, refused to provide on-the-record testimony in the case. Under Finra rules, that resulted in Mr. O’Connor’s being barred from the brokerage industry.
Mr. O’Connor joined Morgan Stanley in 2010, according to his BrokerCheck profile. He has not registered with another firm since his termination.
Finra sent a request to Mr. O’Connor on July 25 to testify. Through his attorney, Scott Matasar, he informed Finra that he would not provide testimony.
Mr. Matasar declined to comment.
In agreeing to settle the case, Mr. O’Connor neither admitted nor denied Finra’s findings.
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