Articles Posted in Reg BI

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Joseph Eisler (Eisler), previously associated with LPL Financial LLC, has at least one disclosable event. These events include one regulatory event, alleging that Eisler recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a final customer complaint on April 11, 2025.

Without admitting or denying the findings, Eisler consented to the sanction and to the entry of findings that he allocated shares of new issues to a customer in exchange for a portion of the customer’s realized profits when the stock was sold, in the form of excessive compensation on unrelated transactions. The findings stated that Eisler and the customer agreed that Eisler would receive a portion of the customer’s new issue profits by charging the customer additional, unearned commissions in subsequent, unrelated transactions. Eisler never disclosed the profit-sharing agreement to Morgan Stanley, nor did he obtain prior written authorization from the customer or the firm. Eisler also did not make any financial contribution to the customer’s new issue purchases and, although he shared in his customer’s realized gains, Eisler did not compensate the customer for any losses. Ultimately, in exchange for more than 100 new issue allocations, Eisler received more than $120,000 from the customer. The findings also stated that Eisler exchanged hundreds of text messages on his personal phone related to the firm’s securities business, including communications with the customer with whom Eisler had the new issue profit-sharing agreement. These messages included, among other things, authorizations to execute securities transactions, trade confirmations, and account performance information. By communicating through his personal texts, Eisler intended to hide his communications from his firm, and he knew that such communications violated firm policy. Eisler falsely attested to his firm in that he had complied with the firm’s prohibition against using text messages on personal devices to communicate about firm business.