Investigation of Andrew Todd Yocum and Morgan Stanley
According to FINRA, Andrew Todd Yocum (CRD #4590723, Ocala, Florida) recently submitted an AWC in which he was barred from association with any FINRA member in any capacity. Without admitting or denying the findings, Yocum consented to the sanction and to the entry of findings that he refused to appear for FINRA on-the-record testimony in connection with an investigation into whether he effected unauthorized transactions, exercised discretion without written authorization, and recommended unsuitable concentrated purchases of energy sector securities to senior investors.
For FINRA’s full findings, see FINRA Case #2015048065701.
According to his FINRA BrokerCheck, Yocum was registered with Morgan Stanley from 06/2009 – 10/2015. Yocum’s BrokerCheck also indicates that he was the broker of record on 32 customer complaints. Allegations include unsuitable investment recommendations.
Failure to Supervise Advisor Andrew Todd Yocum
Brokers have a fiduciary duty to make investment recommendations that are consistent with the clients net worth, investment experience and objectives. Risk tolerance, age, and liquidity needs also need to be considered. Furthermore, brokers are prohibited from engaging in underhanded businesses practice, like churning or unauthorized trading, that violate securities laws and regulations.
When brokers abuse client accounts and conduct transactions that violate securities laws, the brokerage firm they are working with may be liable for investment losses. Brokerage firms that fail to monitor the business activities of their employees may be liable for investment losses due to negligent supervision for the misconduct of their employees.
If you suffered losses investing with Andrew Todd Yocum and Morgan Stanley, the attorneys of The White Law Group may be able to help you recover your losses. For a free consultation with a securities attorney, please call 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 Franklin, Tennessee.
For more information on The White Law Group, visit www.WhiteSecurtiesLaw.com.