Stockbroker agrees to industry ban

SARASOTA — Area stockbroker Stuart Siegel agreed to a permanent ban from the securities industry in addressing charges of wrongdoing brought by an industry watchdog.

Siegel, while he worked for Morgan Stanley in Venice, allegedly used $76,000 from a foundation he ran for personal use, according to a Financial Industry Regulatory Authority statement. Siegel consented to the industry ban, but he didn't admit or deny the allegations, adds FINRA.

Siegel denied the allegations in previous FINRA reports. He also reimbursed the foundation, which isn't named in the FINRA documents, after Morgan Stanley discovered the payments, the report states.

The foundation was set up for Jewish charitable causes, established by a client's estate. Morgan Stanley gave Siegel permission to serve as president of the foundation, but firm rules barred Siegel from receiving compensation from the foundation or to serve as its broker, the FINRA report states.

But Siegel did have access to the foundation's trading account and he could withdraw funds and use its debit card, contends FINRA in the report. Siegel, alleges FINRA, used some funds to pay his children's school tuition and personal life insurance policy premiums. The alleged violation took place from February 2011 through September 2012.

Siegel has been a stockbroker since 1977, according to FINRA. He worked for Citigroup in Venice from 2005 to 2009, and then he for Morgan Stanley in Venice from 2009 to 2012. He worked for Oppenheimer & Co. from March 2013 through this past January.