The Financial Industry Regulatory Authority suspended an ex-Morgan Stanley broker for six months from association with any FINRA member in all capacities for allegedly misusing funds from her Automated Flexible Grid account at the firm, according to FINRA.
Without admitting or denying the findings, Jacqueline Jacobsen signed a letter of acceptance, waiver and consent March 20 in which she agreed to FINRA’s suspension and a $5,000 fine. FINRA accepted the letter Wednesday.
Morgan Stanley and Jacobsen declined to comment Thursday. AdvisorLaw, the Westminster, Colorado law firm that represented her in the FINRA dispute, did not immediately respond to a request for comment.
Jacobsen joined Morgan Stanley in 2009 and remained with the firm until it terminated her in August 2018, according to the FINRA AWC letter. Morgan Stanley filed a Form U5 Sept. 21, 2018, saying it discharged her over concerns related to her improper use of its AFG program outside of the firm’s systems, FINRA said.
During 2016, in order to participate in the AFG program, Jacobsen acknowledged to Morgan Stanley in writing that she would use funds only for those specified as business-related expenses, according to the FINRA AWC letter. Jacobsen also acknowledged that any unused funds set aside for 2016 in her AFG account would be forfeited to the firm if they were not disbursed in accordance with firm policy by the end of January 2017.