March 19, 2015- San Antonio, Texas
Joseph DiRago, Jr. entered into a Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA) to resolve allegations that between June 2011 and October 2012, while registered with Morgan Stanley, he effected transactions while exercising discretion without written authority in a customer’s account in violation of FINRA rules.
NASD Conduct Rule 2510(b) provides in its pertinent part that no “member or’ registered representative shall exercise any discretionary power in a customer’s account unless such customer has given prior written authorization to a stated individual or individuals and the account has been accepted by the member, as evidenced in writing by the member or the partner, officer or manager, duly designated by the member, in accordance with Rule 3010.”
DiRago was suspended for 15 days and fined $5,000.
Dirago is currently registered with Wells Fargo Advisors. He was registered with Morgan Stanley from 6/2009-12/2012.
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