Kerry Moy Suspended By FINRA and Facing Investor Dispute for $14,000,000
Kerry Moy (CRD #: 1295255), a registered investment adviser with Western International Securities, has been suspended by FINRA, according to his Investment Adviser Public Disclosure record, accessed on March 25, 2021. As a broker, he was registered most recently with Morgan Stanley. Moy also offers financial advisory services through Moy Wealth Advisors.
On February 25, 2021, Kerry Moy entered into an Acceptance, Waiver, and Consent agreement (AWC) with FINRA. In the AWC, Moy consented to the findings that he had submitted deliberately inaccurate expense reports for reimbursement. His expense reports were for business meals and they included false information about the attendees. Moy delegated the preparation of the reports to his assistant but did not provide information about who attended those meals, leaving his assistant to randomly select names to fill in the reports. FINRA alleges Moy knew those reports contained inaccurate information and submitted them for reimbursement without corrections. Per the terms of the AWC, Moy consented to a two-month suspension and a $5,000 fine. You can read a copy of the AWC here.
The AWC is not the only disclosure related to Moy’s handling of expense reports. On May 17, 2019, Kerry Moy was fired from his position at Morgan Stanley following allegations that he submitted inaccurate information for business expenses. The firm further alleges that Moy submitted inaccurate and incomplete information beyond the business-related restaurant expenses.
Kerry Moy’s Investor Disputes
Kerry Moy also has five investor disputes on his BrokerCheck; one is pending, two were denied, and two settled.
Two of those investor disputes mention misrepresentation:
- On December 28, 2018, investors alleged that Kerry Moy misrepresented investments. The alleged misconduct took place from 2015 to 2018. The investors are seeking $14,000,000; the dispute is pending.
- On October 15, 2007, an investor alleged that Moy made unsuitable investment recommendations and misrepresented investments. The investor sought $3,300,000; the dispute settled for $350,000.
Kerry Moy has passed the Securities Industry Essentials Examination, the Series 31 Futures Manages Funds Examination, and the Series 7 General Securities Representative Examination. He is a registered investment adviser in Arkansas, California, Illinois, and Michigan.
During his 36-year career in the securities industry, Kerry Moy has worked for the following firms:
- Western International Securities (CRD #: 39262)
- Morgan Stanley (CRD #: 149777)
- Merrill Lynch, Pierce, Fenner & Smith (CRD #: 7691)
If you have worked with Kerry Moy and you have concerns that he may have misrepresented investments, don’t hesitate to contact the securities attorneys of Fitapelli Kurta. Call (877) 238-4175 or email email@example.com for a free case consultation with a securities attorney.