According to a recent InvestmentNews article, the Financial Industry Regulatory Authority (FINRA) barred former Morgan Stanley broker Guillermo Valladolid for failing to appear at a hearing. The hearing was looking into charges that he sold investments away from Morgan Stanley and engaged in undisclosed business activities. This would be against FINRA rules and regulations. This is sometimes referred to as selling away, and is when a broker recommends or sells a security that is not held or offered by his member firm. He does this so he does not have to share the commissions with the firm.
Guillermo Valladolid was previously registered with Merrill Lynch in La Jolla, California from June 2011 until May 2015 and Morgan Stanley in La Jolla from April 2015 until August 2017. He has been permanently barred from the industry, according to his online FINRA BrokerCheck report.
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