Arthur Breitman (aka Arthur Meunier) – Morgan Stanley – Investigation
Are you concerned about investments you made with financial advisor Arthur Breitman? The White Law Group is investigating potential claims involving Breitman and the liability his employer may have for failing to supervise him.
According to a Letter of Acceptance, Waiver and Consent on FINRA’s website Wednesday, the regulator has reportedly suspended Arthur Breitman (aka Arthur Meunier) from the securities industry for two years. FINRA has also fined Breitman $20,000.
The sanctions were in regards to Breitman’s alleged outside business activities involving Tezos, a blockchain technology, according to FINRA.
FINRA alleges that between February 2014 to April 2016 Breitman’s Tezos-related business activities included, among other things: (i) launching a website and publishing position papers describing Tezos and its application; (ii) soliciting prospective investors in an attempt to raise $5 to $10 million to finance his business operations; (iii) assembling a team of advisors and retaining a chief operations officer; and (iv) forming a corporate entity known as Dynamic Ledger Solutions, Inc.
Additionally, outside of his meetings with prospective investors, Breitman purportedly promoted Tezos using a pseudonym to publish the website, tweets, and his position papers. Breitman allegedly did not notify Morgan Stanley at any time that he was engaging in these outside business activities.
According to his FINRA BrokerCheck report, Breitman was registered with Morgan Stanley in New York, NY from September 2013 thru April 2016.
For FINRA’s full findings see FINRA case NO. 2017056612801.
“Selling Away”
The White Law Group is investigating the liability that Breitman’s former employer, Morgan Stanley may have for his actions in regards to his outside business activities.
When a FINRA registered representative conducts business outside the scope of the brokerage firm where they are registered, the act can be considered “selling away.” Some brokers, looking to supplement their income, will go outside the traditional market, trying to find other products to push.
If a registered broker “sells away” from their firm, the brokerage firm may still be liable for negligent supervision of their broker representative and may be responsible for investment losses in a FINRA dispute resolution claim.
If you have invested with Arthur Breitman and are concerned about your investments, the securities attorneys at The White Law Group may be able to help you. For a free consultation with a securities attorney, please call our offices at 888-637-5510.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Seattle, Washington.
For more information on The White Law Group, please visit our website at http://whitesecuritieslaw.com.
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