Financial Advisor Miche Jean Disclosed Two Month Suspension by FINRA

Miche Jean (CRD#: 5918186) is a previously registered Broker and Investment Adviser.

Broker’s Background

He entered the securities industry in 2015 and previously worked for Morgan Stanley.

Current And Past Allegations Of Conduct Leading To Investment Loss

According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), in March 2023, there is a FINRA regulatory action pending against Miche Jean. The allegation states, “Jean was named a respondent in a FINRA complaint alleging that he failed to provide information and documents and appear for on-the-record testimony requested by FINRA in connection with its investigation into whether he converted money from his customer through fraudulent ACH transfers to pay his personal credit card.”

For a copy of the FINRA sanction, click here.

In addition, Miche Jean has been the subject of four disclosures, including the following:

  • September 2022 — “Without admitting or denying the findings, Jean consented to the sanctions and to the entry of findings that he exercised discretionary power in the accounts of customers without obtaining prior written authorization from the customers or prior written approval by his member firm. The findings stated that Jean also communicated with firm customers about securities-related business through text messages using his personal cellular phone, without the firm’s authorization or approval. Jean did not provide these messages to the firm, and he subsequently deleted them. As a result, the firm did not capture or preserve these messages.” FINRA imposed a civil and administrative fine of $10,000, and suspended Miche Jean from all capacities for two months beginning October 3, 2022 and ending December 2, 2022. For a copy of the FINRA sanction, click here.
  • September 2022 — “Respondent violated sections 11-302(a)(1), (a)(2) and (a)(3), and 11-306 of the Maryland Securities Act by fraudulently initiating four separate ACH transfers from a customer’s brokerage account to pay for Respondent’s personal Discover credit card, and by failing to disclose his fraudulent acts to his customer, who was unaware of the fraudulent transfers until later notified by Morgan Stanley.” Miche Jean was permanently barred from registering as an Investment Adviser, Investment Adviser Representative, Broker-dealer or agent as of November 15, 2022. Maryland also ordered a cease and desist and payment of a civil and administrative penalty/fine of $10,000.
  • March 2021 — “Client alleged, inter alia, unauthorized trading with respect to exchange traded funds. – February 2020 to May 2020.” The customer dispute was settled for $35,000.
  • October 2020 — “Allegations regarding employee’s potential exercise of unauthorized discretion, trading patterns, and communications with clients. Miche Jean was discharged by MSWM.

For a copy of Miche Jean’s FINRA BrokerCheck, click here.

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Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients. To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.

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Attorney Matthew Wolper

Attorney Matthew WolperMatt Wolper is a trial lawyer who focuses exclusively on securities litigation and arbitration. Mr. Wolper has handled hundreds of securities matters nationwide before the Financial Industry Regulatory Authority (FINRA), American Arbitration Association (“AAA”), JAMS, and in state and federal court. Mr. Wolper has handled and tried cases involving complex financial products and strategies ranging from traditional stocks and bonds to options, margin and other securities-based lending products, closed/open-end mutual funds, structured products, hedge funds, and penny stocks. [Attorney Bio]