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Nicholas Cipriano Terminated by Morgan Stanley Smith Barney

Nicholas Cipriano (CRD #: 5366684), a broker registered with Prospera Financial Services, was previously terminated by Morgan Stanley Smith Barney, LLC. This is according to his BrokerCheck record, accessed on June 6, 2024. Keep reading if you have questions regarding his alleged conduct. 

Employment Separation After Allegations 

On April 12, 2024, Morgan Stanley Smith Barney fired Nicholas Cipriano following allegations regarding possible improper exercise of discretion in a non-discretionary client account. There were also allegations regarding his personal trades.  

Unauthorized Discretionary Trades 

Unauthorized trading violates FINRA Rule 3260, which limits brokers to engaging in discretionary trading only in pre-authorized accounts. Both the firm and the client must approve an account before discretionary trading can occur. 

Background Information 

Nicholas Cipriano has passed the following exams:

  • Series 66 – Uniform Combined State Law Examination 
  • Series 63 Uniform Securities Agent State Law Examination 
  • SIE – Securities Industry Essentials Examination 
  • Series 7 General Securities Representative Examination 

He is a registered broker in eight states and D.C. He is also a registered investment adviser in California and Texas. 

During his 16 years of experience, Nicholas Cipriano has registered with six firms: 

  • Prospera Financial Services (CRD #: 10740) 
  • Morgan Stanley (CRD #: 149777) 
  • E*Trade Capital Management (CRD #: 42159) 
  • E*Trade Securities (CRD #: 29106) 
  • Merrill Lynch, Pierce, Fenner & Smith (CRD #: 7691) 
  • Charles Schwab & Co. (CRD #: 5393) 

Kurta Law Can Help 

If you have worked with Nicholas Cipriano and have concerns about your investments, do not hesitate to contact us at 877-600-0098 or email 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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