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September 26, 2023 at 08:41 PM
A former Morgan Stanley broker who played in the National Football League before entering the financial services industry was fined $15,000 by the Financial Industry Regulatory Authority and suspended for four months from associating with any FINRA member for several alleged violations.
The alleged violations by William Donovan Ard included the use of his personal, unapproved cellphone to communicate with clients, the regulator said.
The allegations: Ard was also said to have forwarded “misleading” communication to one client about investing in a publicly traded biopharmaceutical company in violation of FINRA Rules 2210(d) and 2010, and making a false statement to Morgan Stanley compliance personnel about the client’s use of borrowed funds in violation of FINRA Rule 2010, according to the regulator.
Also, between April 2018 and May 2020, Ard “mismarked as unsolicited at least 49 orders” in the brokerage accounts of three clients, causing Morgan Stanley’s records to be inaccurate, according to FINRA. By mismarking orders as unsolicited and communicating about firm business in text messages that the wirehouse was unable to preserve, Ard violated FINRA Rules 4511 and 2010, the regulator said.
Ard was a guard for the New York Giants and Green Bay Packers and was with the Giants when they won the Super Bowl in the 1986 season.
After his NFL career ended, Ard joined the securities industry and worked for several firms as a broker and general securities representative, including UBS (1992-2009), before joining Morgan Stanley in 2009 as a broker and GSR with the title of financial advisor, according to his report on FINRA’s BrokerCheck website.
