Former Morgan Stanley broker Kevin Woolf was under investigation by FINRA for allegations that he engaged in numerous outside business activities, including hotel development, and took part in marketing undisclosed private securities offering for that development to customers of Morgan Stanley.
According to FINRA, Woolf voluntarily resigned from his position with Morgan Stanley while under an internal review for allegedly conducting outside business activity involving an undisclosed private securities offering for a real estate project.
FINRA requested Woolf to appear for testimony and provide certain documents and information to the investigators. Although he acknowledged that he received the request, Woolf failed to appear and refused to produce the information and documents that FINRA requested. Instead, without admitting to any wrongdoing, Woolf signed a Letter of Acceptance and Waiver and Consent (AWC), and was barred from working with FINRA member firms as a result.
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Brokerage firms are required to supervise the activities of their associates to ensure compliance with FINRA rules. When brokers like Kevin Woolf commit FINRA violations like marketing undisclosed private securities to customers while registered with a brokerage firm, the brokerage firm can be held liable for any resulting damages.
If you lost money while working with Kevin Woolfe, you may be able to recoup losses.
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