Steven Romjue Suspended by FINRA
Steven Romjue (CRD #: 1822291), a previously registered broker with Morgan Stanley, has been suspended by FINRA, according to his BrokerCheck record, accessed on June 26, 2022. If you have questions about Steven Romjue’s conduct as a broker, read on.
On April 14, 2022, Steven Romjue consented to the entry of findings that he caused his firm, Morgan Stanley, to maintain inaccurate books and records.
According to a letter of Acceptance, Waiver & Consent (AWC), Steven Romjue entered into an agreement with a retired broker in approximately January 2016. The agreement allegedly involved servicing certain customer accounts, including executing trades, under a joint representative code shared between the two brokers. He had a similar agreement with a second retired broker.
The AWC alleges that Morgan Stanley’s internal system correctly filled in the trades with the joint representative codes and that Steven Romjue purposefully entered his own personal representative code or another code instead. He allegedly did not ask either of the retired brokers whether he could alter the codes for these trades.
These actions allegedly led to Steven Romjue receiving excess commissions of $182,232.
In December 2020, Morgan Stanley paid restitution to these retired brokers, and Steven Romjue reimbursed the firm the approximate amount of his excess commissions.
The AWC concludes that these allegations constitute violations of FINRA 4511 and 2010.
FINRA Rules 4511 and 2010
FINRA Rule 4511 requires firms to maintain accurate books and records.
FINRA Rule 2010 holds brokers to high standards of professional honor and ethical behavior.
Steven Romjue consented to the following sanctions:
- $5,000 fine
- Six-month suspension
His suspension began on April 18, 2022, and will end on October 17, 2022.
You can read the full AWC here.
Discharge from Morgan Stanley Smith Barney
On November 13, 2020, Steven Romjue was fired from Morgan Stanley after allegedly submitting transactions under production numbers which did not reflect an agreement with other brokers.
Steven Romjue has passed the following exams:
- Series 63 – Uniform Securities Agent State Law Examination
- SIE – Securities Industry Essentials Examination
- Series 7 – General Securities Representative Examination
He has also worked for the following firms:
- Morgan Stanley (CRD#:149777)
- Citigroup Global Markets (CRD#:7059)
- Painewebber Incorporated (CRD#:8174)
Kurta Law Can Help
If you worked with Steven Romjue and you have concerns about your investments, please contact us today at 877-600-0098 or firstname.lastname@example.org 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.