Financial Advisor IQ – Content Page

Financial Advisors


of financial industry regulators Ex-officer fined and suspended high tower It is alleged that he was a financial adviser and forced the company to cover his personal expenses.

Colin Healybegan his career in the financial services industry in 2003. Morgan Stanleyjoined Hightower In 2008, according to BrokerCheck.

Finla claims that Healy’s work at the company from 2018 to early 2020 included business meetings in “private clubs.” During that time, Healy racked up $6,139.28 in personal expenses, which were billed to his corporate credit card on top of business expenses, according to an acceptance, waiver, and consent form released last week by the industry’s self-regulatory agency.

Finla’s allegations include personal expenses of $277.31 for “pool lessons” and $360 for “tennis clinics,” which Healy submitted as business expenses to Hightower for reimbursement. The company is said to have complied.

According to BrokerCheck, Hightower will be released in June 2021 after receiving an anonymous complaint dated last month that Healy “used a company credit card for personal spending from 2018 to 2019.” The company announced in May that it had fired Mr. Healy.

The company added in a statement that it “was dismissed for diverting company funds for personal gain.”

Finra’s letter alleges that Healy misused corporate funds and, as a result, violated Finra’s 2010 Regulations, which require “high standards of commercial honor.” The self-regulatory board suspended Healy for a year and ordered him to pay a $10,000 fine.

Finra said Healy agreed to the sanctions without admitting or denying the findings of the investigation.

Healy continues to be registered as an investment manager in Amherst, New York. Pathway Partners Wealth AdvisorsHe joined Hightower last October, more than a year after being laid off, according to the company. Securities and Exchange Commissioninvestment adviser public database.

Attorney Healys, based in Williamsville, New York, David Silverbergdid not respond to a request for comment on the Finla issue.

AdvisorHub was the first to report this sanction.



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *