FINRA Sanctions Broker James Speno

According to publicly available BrokerCheck records, James Carolan Speno (CRD#431912), a New York based securities broker, formerly associated with Morgan Stanley, was recently barred by FINRA. Attorneys at Malecki Law are interested in hearing from investors who have complaints against James Speno.

Mr. Speno has spent over 45 years as a securities advisor. His most recent registration was with Morgan Stanley in New York. Prior to that he was registered with Oppenheimer & Co.; RBC Capital Markets Corporation; Salomon Smith Barney Inc.; Lehman Brothers Corp.; Merrill Lynch, Pierce, Fenner & Smith Inc., Sussex Securities Incorporated; Lehman Brothers Incorporated.

Mr. Speno is currently not registered with any firm.

According to BrokerCheck, there are 2 disclosure events in his record. In 2015, Mr. Speno was reportedly discharged from Morgan Stanley following “concerns regarding financial advisor’s handling of certain client accounts, including exercise of discretion and trading volume.” In January 2017, BrokerCheck reports that Mr. Speno consented to allegations made against him about exercising discretionary power in customer accounts to execute approximately 1000 transactions, without getting prior written customer authorizations. The report stated that that in certain instances the member firm allowed the use of discretion but only with prior approval of the firm and the client. According to BrokerCheck, Mr. Speno was issued a 30 day suspension and fined $5,000.


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