Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) indicate that broker/advisor, Miche Jean (CRD # 5918186) was recently suspended from the securities industry by FINRA’s Department of Enforcement after an investigation into the use of unauthorized discretion in customer accounts.
The Law Office of Kevin J. Deloatch, Esq. is interested in speaking to investors who have complaints regarding Mr. Jean.
Registration Background for Miche Jean
Mr. Jean first became registered in the securities industry in 2015. FINRA BrokerCheck shows that he was most recently registered with Rockville, MD based Morgan Stanley (CRD # 149777). His prior registrations and/or employments include Northwestern Mutual Investment Services, LLC (CRD # 2881) from September 2015 to November 2015, and Northwestern Mutual Life Insurance Company in September 2015.
FINRA’s Allegations Against Miche Jean
According to FINRA Letter of Acceptance, Waiver and Consent (AWC) dated September 26, 2022 (No. 2020068648601), Mr. Jean consented to, without either admitting to or denying, the following findings by FINRA’s Department of Enforcement:
- “Between February 2020 and June 2020, while associated with Morgan Stanley, [Mr. Jean] exercised discretionary power in the accounts of two firm customers without obtaining prior written authorization from the customers or prior written approval by the firm”;
- “[Mr. Jean] effected at least 56 trades in the brokerage accounts of two firm customers without first speaking to the customers on the dates of the transactions”;
- “In addition, between at least December 2019 and October 2020, while associated with Morgan Stanley, [Mr. Jean] communicated with firm customers about securities-related business through text messages using his personal cellular phone, without the firm’s authorization or approval”; and
- By virtue of his actions, Mr. Jean violated FINRA Rule 3260 regarding discretionary trading, FINRA Rule 2010 regarding standards of commercial honor and principles of trade and FINRA Rule 4511 regarding making and preserving books and records.
FINRA Suspends Miche Jean from Securities Industry
As a result of such violations and in addition to the above-described findings and conclusions, FINRA’s September 26, 2022 AWC also indicates that Mr. Jean consented to the following sanction(s):
- A two-month suspension from association with any FINRA member in all capacities; and
- A fine in the amount of $10,000.00
Miche Jean Has No Prior History of Securities Industry Customer Complaints
In addition to Miche Jean being suspended by FINRA from the securities industry after an investigation into the use of unauthorized discretion in customer accounts, FINRA BrokerCheck for Mr. Jean reveals that he has no prior history of customer complaints and/or customer-initiated arbitrations.
If you or someone you know has or had a brokerage account with Miche Jean and have concerns regarding losses in your investments or possible sales practice violations including fraud, you may be entitled to recover lost funds. The Law Office of Kevin J. Deloatch, Esq. has an extensive securities law practice and over 30 years of experience on Wall Street. Call today at (646) 792-2156 for a free consultation. The time to file your claim may be limited so you should call today to avoid delay.