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Did Elsa Doyle Violate Securities Rules with Her Cross Trading?

Elsa Doyle (CRD #: 3224297) is the subject of a Cease and Desist Order issued by the Securities and Exchange Commission. This disclosure appears on her BrokerCheck record, accessed on December 12, 2023. Details concerning this regulatory action are provided below. 

On September 22, 2023, the SEC alleged that Elsa Doyle engaged in 27 unlawful prearranged cross-trades involving five money market funds. Four of these funds were allegedly registered investment companies where she worked as a portfolio manager. She allegedly worked with a third-party broker-dealer to sell securities from one fund and then buy them back through the same broker-dealer on behalf of another fund. 

Cross-trading is usually illegal because it can cost investors money by failing to get the best price for their transactions. 

This cross-trading allegedly cost the funds approximately $39,000. 

Civil and Administrative Penalties and Fines 

The SEC imposed a fine of $30,000. 

Termination from Morgan Stanley 

On November 16, 2022, Morgan Stanley fired Elsa Doyle following allegations that arose from an investigation into her alleged cross-trading. 

Background Information 

Elsa Doyle has passed the following exams:

  • Series 63 Uniform Securities Agent State Law Examination 
  • SIE – Securities Industry Essentials Examination 
  • Series 7 General Securities Representative Examination 

She has registered with the following firms: Morgan Stanley (CRD #: 30344) and Morgan Stanley DW (CRD #: 7556). 

Kurta Law Can Help 

If you have worked with Elsa Doyle and have concerns about your investments, do not hesitate to contact us at 877-600-0098 or info@kurtalawfirm.com for a free consultation. 

For nearly 20 years, Kurta Law has advocated for investors to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm that 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. Do not let securities fraud go unchecked. Start your recovery process today.

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