FINRA Bars Ex-Morgan Stanley Rep Who Steered Clients to Outside Investments
On July 27, 2022, Morgan Stanley filed a Form U5 disclosing it allowed Hershberg to resign over “[c]oncerns regarding the representative’s unapproved outside real estate investments, as well as concerns regarding the representative’s recommendation of those same outside real estate investments to Firm clients and others, including through limited liability companies the representative created,” according to a disclosure on his report.
Hershberg didn’t provide FINRA with any information or documents it requested by Oct.14, FINRA said. FINRA staff sent a letter to him requesting, for a second time, that he provide the previously requested information and documents by Oct. 25.
To date, Hershberg still has not provided any of the information or documents requested by FINRA, it added.
Through his actions, Hershberg violated FINRA Rules 8210 and 2010 by failing to provide documents and information requested , FINRA said.
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