The US Financial Regulatory Authority, which the Securities and Exchange Commission oversees, has banned ex-broker Todd Levine, formerly of Morgan Stanley, from the sector of finance that it regulates for failing to answer questions and provide information when it was investigating him for misconduct.

Levine has accepted his punishment without admitting guilt. He was a general securities representative at Morgan Stanley between 2013, when he was appointed, and 2018, when the firm dismissed him with an investigation pending. He had no disciplinary history with the SEC before that date and FINMA has not fined him.

On 13 August last year, FINRA asked Levine for documents and information, setting a deadline of 27 August in connection with its probe into allegations that he engaged in undisclosed external business activities, solicited a senior customer of his firm's to borrow funds for an external business activity and executed unauthorised trades, among other things. FINRA extended the deadline until 10 September and then until 24 September. Levine provided a partial but incomplete response and, when challenged, declined to do any more. He refuses to co-operate to this day.

By doing this, according to the regulator, Levine broke FINRA Rules 8210 and 2010. He has signed a letter of acceptance, waiver and consent in which he waives his rights to defend himself against the allegations in a disciplinary hearing before a panel and/or to appeal against any such decision to the SEC and the courts. In return, FINRA has barred him from associating with any FINRA-regulated firm but will not take any future action against him on the basis of the facts described in the letter.