What's Happening?
Eric Lankin, a financial advisor based in Jamestown, Pennsylvania, has resigned from Morgan Stanley following allegations of rule violations. According to the Financial Industry Regulatory Authority (FINRA), Lankin's resignation is linked to accusations of engaging in outside business activities and private securities transactions without notifying the firm. Additionally, he was named in a customer's will without the firm's knowledge. Lankin, who has 23 years of experience in the securities industry, is now registered as a broker and investment advisor with Purshe Kaplan Sterling. His past affiliations include Morgan Stanley and Wells Fargo, and he holds multiple securities industry qualifications and state licenses.
Why It's Important?
The resignation of Eric Lankin
from Morgan Stanley highlights the critical importance of compliance with industry regulations, particularly concerning private securities transactions. Such transactions, if not properly disclosed and approved, can pose significant risks to investors, as they may involve unvetted investments. This incident underscores the need for transparency and adherence to FINRA rules to protect investor interests. The case also serves as a reminder to financial firms to maintain rigorous oversight of their advisors' activities to prevent potential misconduct and safeguard their reputation.
What's Next?
Following his resignation, Eric Lankin has transitioned to Purshe Kaplan Sterling, where he continues his career as a broker and investment advisor. It remains to be seen how this move will impact his professional trajectory and whether any further regulatory actions will be taken. Investors and industry observers will likely monitor the situation closely, particularly in terms of any additional disclosures or legal proceedings that may arise from the allegations against him.
