John Miller Subject of FINRA Fine and Suspension
John Miller (CRD #: 5889623), a broker registered with International Assets Advisory, is the subject of a FINRA suspension and fine, according to his BrokerCheck record, accessed on March 27, 2022. He is also an investment advisor registered with International Assets Investment Management.
According to an Acceptance, Waiver, and Consent agreement dated December 22, 2021, John Miller consented to the findings that he allegedly caused Morgan Stanley to maintain inaccurate books and records by changing the representative code for 186 trades, causing the trade confirmations to show an inaccurate representative code.
According to the findings, John Miller entered into an agreement wherein he agreed to service certain customer accounts, including executing trades for those accounts, under joint representative codes that he shared with a senior team member and a retired representative. The agreement set forth what percentages of the commissions each representative would earn on trades placed using the joint representative code.
However, John Miller allegedly placed a total of 186 trades in the accounts covered by the agreement using his own personal representative code. John Miller’s actions resulted in him receiving higher commissions from the 186 trades than what he was entitled to receive pursuant to the agreement.
FINRA Rules 4511 and 2010
FINRA Rule 4511 states that firms “shall make and preserve books and records as required under the FINRA Rules, the Exchange Act and the applicable Exchange Act rules.” By allegedly causing Morgan Stanley to maintain inaccurate trade confirmations, John Miller violated FINRA Rule 4511.
John Miller’s alleged unethical conduct also violates FINRA Rule 2010, which states that brokers must uphold high standards of commercial honor.
As part of the terms of the AWC, John Miller consented to:
- A 15-day suspension
- A $2,500 fine
You can read a copy of the AWC here.
Employment Termination Details
On November 10, 2020, Morgan Stanley fired John Miller after he allegedly submitted transactions under his sole production number at the instruction of a senior member of his team. John Miller’s actions were inconsistent with the agreement entered between the representative and others, including a retired representative, resulting in a shortfall of revenue credited to the other representative.
John Miller has passed the following exams:
- Series 66 – Uniform Combined State Law Examination
- SIE – Securities Industry Essentials Examination
- Series 7 – General Securities Representative Examination
Besides International Assets Advisory, International Assets Investment Management, and Morgan Stanley, John Miller has not worked with any other firm.
Kurta Law Can Help
If you have worked with John Miller and have concerns about your investments, don’t hesitate to contact us today at 877-600-0098 or email@example.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 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.