Former Morgan Philadelphia Boss Subject Of FINRA Probe
- Created: Friday, 10 June 2011 00:10
Frank LaRosa, who stepped up to run Philadelphia for the firm in December and was unceremoniously shown the door five months later, has now been implicated in a misappropriation of funds probe, his Brokercheck profile now reveals.
FINRA alleges that LaRosa bought $60,000 worth of gift cards with the firm's money and might have improperly employed and supervised his own wife as well.
The timing and extent of the charges seems unusual since LaRosa had been in the business for 15 years, recently in a managerial capacity, and never had a problem.
The scandal -- if that's what it is -- has spread up the totem pole, since last week's sudden departure of LaRosa's manager and subsequent dismemberment of the larger Philadelphia regional management structure seem linked.
As yet, there are still 92 Morgan reps showing up in the firm's database for Philadelphia, so nobody new seems to have quit or been pushed out in the last week.
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