Former Morgan Stanley rep fined over expense improprieties

The Financial Industry Regulatory Authority Inc. has suspended Jacqueline Jacobsen and fined her $5,000 over her alleged misuse of funds in an expense program while employed as a representative at Morgan Stanley. Jacobsen, who worked at the firm in the Seattle, Wash., area from 2009 until she was discharged in 2018, allegedly misused the firm’s Alternative Flexible Grid program, which is used to give bonuses to support staff and for broker expenses. According to Finra’s letter of acceptance, waiver and consent, Jacobsen allegedly allocated about $3,200 to her assistant as a bonus on the condition that the assistant would return about $1,200 of the bonus to Jacobsen. Since leaving Morgan Stanley, Jacobsen has been affiliated with Independent Financial Group.