Jamie Aguilar Terminated By Morgan Stanley

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Jamie Aguilar Terminated By Morgan Stanley

Jamie Aguilar was terminated by Morgan Stanley for alleged conduct regarding private securities transaction. According the FINRA’s BrokerCheck, three customers have filed complaints against him. Morgan Stanley terminated Aguilar in May, alleging that an outside financial transaction between the financial advisor and a client of the firm that was not disclosed to the firm. Giving loans or selling notes and other investments outside of one’s brokerage firm are impermissible private securities transactions and constitutes a practice called “selling away.”

The full extent and nature of Aguilar’s private securities transactions is currently unknown. Yet, according to BrokerCheck, Jamie Aguilar has disclosed outside business activities listed as including Events Magnificent, Inc.  Many times, brokers sell promissory notes and other investments through side businesses as accountants, lawyers, real estate brokers, or insurance agents to clients of those side practices.

In the securities industry, selling away occurs when a financial advisor solicits investments in companies, promissory notes, or other securities that are not pre-approved by the firm the broker is affiliated with.  When this occurs the brokerage firms often claim ignorance of their advisor’s activities. However, the firm is obligated to properly monitor and supervise its employees in order to detect and prevent brokers from offering investments in this fashion.

Jamie Aguilar entered the securities industry in 1998.  From 1998 until June 2009 Aguilar was registered with Citigroup Global Markets Inc.  From June 2009 until June 2016, Aguilar was associated with Morgan Stanley.

If you or someone you know has lost money as a result of Jamie Aguilar’s conduct or selling away in general, please contact Richard Frankowski at 888-741-7503 to discuss your potential legal remedies or complete the contact form.

By |October 26th, 2016|Legal Matters|

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