The Monetary Trade Regulatory Authority barred a former Morgan Stanley dealer in Phoenix after he declined to take part in its investigation into whether or not he had accepted directions from an unauthorized third occasion to maneuver buyer funds.
Finra mentioned that James F. Tighe, a 26-year business veteran, violated Guidelines 8210 and 2010 by repeatedly failing to adjust to requests for paperwork, data and on-the-record testimony, which “impeded” its investigation, in accordance with a Finra enforcement resolution.
“A bar is remedial as a result of it can defend the investing public from an individual who refuses to conform together with his clear responsibility beneath FINRA’s guidelines to cooperate with a FINRA investigation,” Finra Listening to Officer Lucinda O. McConathy wrote within the resolution, which was finalized on June 22.
Tighe had spent 16 years at Morgan Stanley earlier than the wirehouse fired him in January 2025 over considerations about his “acceptance of directions from a 3rd occasion” with out receipt of written authorization, failure to reveal probably unauthorized exercise by that third occasion and use of a private gadget for enterprise functions, “amongst different considerations,” in accordance with his BrokerCheck file.
Morgan Stanley later amended the U5 to reveal that it had in Might 2025 settled a buyer criticism alleging that Tighe had processed withdrawal and different disbursements requested by the “buyer’s agent” with out correct authorization. The agency paid $1.four million to settle the criticism, which had sought $16 million in damages, in accordance with BrokerCheck.
A Morgan Stanley spokesperson declined to remark. Tighe began his profession at Merrill Lynch in 1998 and joined Morgan Stanley’s Smith Barney predecessor in 2008.
Finra started its investigation in April 2025 based mostly on the preliminary U5 submitting, in accordance with the listening to officer’s resolution. Though Tighe acknowledged receiving the request and acquiring an extension, his lawyer later advised the regulator that he wouldn’t present the requested supplies and argued that Morgan Stanley already possessed them.
Finra mentioned that Morgan Stanley’s entry to the data didn’t preclude him from complying with its request and famous that he additionally failed to look for on-the-record testimony. The bar was issued as a part of a default judgment.
An business bar is Finra’s solely instrument to compel testimony because the self-regulator lacks subpoena energy.
Neither Tighe nor his lawyer, Paul J. Roshka Jr. with Jennings Haug Keleher McLeod Waterfall in Phoenix, responded to requests for remark.