Financial Advisor, Bruce Plyer, Barred By FINRA After Failing To Cooperate In An Investigation Into His Alleged Excessive Trading In Customer Accounts
The Wolper Law Firm is currently investigating claims against Bryce Plyer, a former Financial Advisor at Morgan Stanley and International Assets Advisory in Morristown, NJ. Bryce Plyer has been in the securities industry since the 1980s and previously worked at Citigroup and Lehman Brothers.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), on October 29, 2018, FINRA sanctioned Bryce Plyer, barring him from associating with any brokerage firms after he failed to cooperate in a FINRA investigation that was focused on his alleged excessive trading in customer accounts. Specifically, the FINRA sanction states:
“Without admitting or denying the findings, Plyer consented to the sanction and to the entry of findings that he failed to appear and provide FINRA with requested on-the-record testimony in connection with an investigation concerning allegations that he engaged in unauthorized trading in customer accounts.”
For a full copy of the FINRA sanction, click https://www.finra.org/sites/default/files/fda_documents/2016052649001%20Bruce%20Plyer%20CRD%201666324%20AWC%20jm.pdf
This regulatory sanction follows Bruce Plyer’s termination by Morgan Stanley in 2016 for allegedly engaging in unauthorized trading in customer accounts.
Over the course of Bruce Plyer’s career, he has also been the subject of four customer complaints alleging sales practice violations, including the following:
February 2011—”CLAIMANT ALLEGES, INTER ALIA, THAT THE FA ENGAGED IN UNSUITABLE AND EXCESSIVE MARGIN TRADING. TIME PERIOD UNSPECIFIED.” The matter was settled for $600,000.
December 2009—”COMPLAINT ABOUT AUCTION RATE SECURITIES THAT ALLEGED MISREPRESENTATION. 05/11/08-11/30/08”. The matter was settled for $99,000.
November 1999—”NEGLIGENCE, BREACH OF FIDUCIARY DUTY, VIOLATION OF NASD AND NYSE BREACH OF CONTRACT, UNAUTHORIZED TRADING FRAUD & FRAUDULENT CONCEALMENT AND UNSUITABILTY ALLEGED DAMAGES $423,000.00 PRODUCT. OPTIONS FIRM; SALOMON SMITH BARNEY,INC.” The mater was settled for $190,000.
Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients. To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.
If you or someone you know was a customer of Bruce Plyer and you experienced investment losses, please contact the Wolper Law Firm at 800.931.8452 or by email at firstname.lastname@example.org to discuss your specific situation and the legal options available. The Wolper Law Firm represents investors nationwide in securities litigation and arbitration.
Matt Wolper, the Managing Principal of the Wolper Law Firm, is a trial lawyer who has handled hundreds of securities cases during his career involving a wide range of products, strategies and securities. Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters.