The Financial Industry Regulatory Authority (FINRA) has fined John Tillotson, a former Morgan Stanley broker, for impersonating several clients.
Tillotson impersonated and held himself out to be five different clients during five phone calls to a mutual fund company to transfer the clients’ retirement funds and IRA accounts to a Morgan Stanley 401(k) account. According to the complaint, the clients permitted Tillotson to contact the mutual fund company on their behalf but did not authorize Tillotson to impersonate them.
Tilloston Has Background of Misconduct, Still Actively Registered
In 1984, Tillotson began working for brokerage firm E.F. Hutton and its successor firms until he joined Morgan Stanley in 2009, where he has worked for nine years. He was discharged in March of this year.
According to public records, a similar complaint was filed in 1999 while Tilloston worked at Citibank. A client alleged that a mutual bond fund was purchased in his account without his consent. That complaint was settled.
Tilloston is currently associated with Stifel, Nicolaus & Company.
Broker Faces Fine and Suspension
FINRA has fined Tillotson $5,000 and suspended him for 15 days for his securities violations.
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