Altin Tirana Suspended by FINRA
Altin Tirana (CRD #: 4837498), a broker registered with LPL Financial, has been suspended by FINRA, according to his BrokerCheck record, accessed on February 28, 2023. Investors may have also worked with him through Gladstone Wealth Partners. If you want to know more about his alleged conduct as a broker, keep reading.
Suspension by FINRA
On January 23, 2023, Altin Tirana consented to the entry of findings that he allegedly caused Morgan Stanley to keep inaccurate books and records by falsifying the representative code for certain trades made from December 2014 through March 2018.
According to a Letter of Acceptance, Waiver & Consent (AWC), Altin Tirana allegedly entered into an agreement to service certain client accounts, including by executing trades, with a retired broker in November 2014. Under this agreement, he would allegedly use a joint representative code shared with the other broker when entering clients’ trades. The agreement also described what percentages of commissions each broker would receive on trades entered with the joint representative code.
During the relevant period, Altin Tirana allegedly placed 400 trades in client accounts covered by the agreement using his personal code. Further, he allegedly purposefully replaced the joint representative code pre-populated by Morgan Stanley’s system. The AWC alleges that he received a higher percentage of commissions through this code than he would have received using the agreed-upon code.
Altin Tirana allegedly falsely believed that the retired broker had agreed that he could use his personal code so as to use the additional commissions to compensate the support staff that were servicing the relevant clients’ accounts. The AWC alleges Altin Tirana negligently failed to verify whether this agreement had actually occurred.
The AWC concludes that this alleged falsification of representative codes violated FINRA Rules 4511 and 2010.
FINRA Rule 4511
FINRA Rule 4511 requires that firms maintain accurate books and records.
FINRA Rule 2010
FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade.
Sanctions
Altin Tirana consented to the following sanctions:
- $5,000 fine
- 3-month suspension
His suspension began on February 21, 2023, and will end on May 20, 2023.
You can read a copy of the AWC here.
Resignation from Morgan Stanley Wealth Management
On July 10, 2020, Altin Tirana resigned from Morgan Stanley Wealth Management following allegations that he violated an agreement made with a retired broker by submitting certain transactions under his personal production code.
Investor Dispute
On May 10, 2018, an investor filed a dispute alleging, among other things, that Altin Tirana recommended unsuitable investments from 2012-2018. The client sought $100,000 in damages and received a settlement of $61,500.
FINRA Rule 2111
FINRA Rule 2111 requires that brokers tailor their investment recommendations to an investor’s profile, which describes an investor’s tax status, age, and other characteristics.
Investors who rely on brokers for recommendations may be able to recover their losses through FINRA arbitration.
Background Information
Altin Tirana has passed the following exams:
- Series 66 – Uniform Combined State Law Examination
- SIE – Securities Industry Essentials Examination
- Series 31 – Futures Managed Funds Examination
- Series 7 – General Securities Representative Examination
Altin Tirana is a registered broker in 16 states and a registered investment adviser in Delaware, New Jersey, and New York.
He has also worked for Morgan Stanley (CRD#:149777) and Citigroup Global Markets (CRD#:7059).
Kurta Law Can Help
If you worked with Altin Tirana and you have concerns about your investments, please contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.
For over 20 years, Kurta Law has advocated on behalf of investors who want to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm and exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf.
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