On January 8, Financial Industry Regulatory Authority (FINRA) barred former broker Daniel Todd Levine (CRD#: 2874319) from associating with any FINRA member broker or firm in any capacity. The industry regulator alleges Levine engaged in outside business activities while he was a broker with Morgan Stanley.
Levine’s unauthorized business activity is a violation of industry rules. Not only did Levine ask a senior Firm customer to borrow funds for outside business activity, he then executed unauthorized trades. Levine voluntarily resigned from Morgan Stanley following the allegations and before the investigation was complete.
Levine was also uncooperative with FINRA investigators. He refused to provide any information in regards to the outside activity, thus violating FINRA rules. FINRA granted Levine more than one extension on the request for information and he still did not comply. He finally only provided partial and incomplete information in response to the request. Levine’s acknowledges that he received FINRA’s requests and that he will not provide the information they are asking for.
This week, Levine signed and FINRA accepted, a Letter of Acceptance, Waiver, and Consent (AWC). The signed letter is a settlement about the alleged unauthorized activity and rule violations. Levine did not confirm or deny his involvement in outside business activities and has accepted the FINRA findings and consented to the bar.
Levine is no longer employed in the securities industry. He worked with Morgan Stanley from 2013-2018 before he resigned. He then joined First Financial Equity Corp. but was discharged in Aug 2018 for failure to disclose his past regulatory inquiry to the firm.
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