Constantinos Maniatis works at Corps Capital Partners as a financial assistant. He worked at Morgan Stanley before. But the Financial Industry Regulatory Authority (FINRA) banned him from the stock market for 30 days.
In a shocking case of financial wrongdoing, Constantinos Maniatis, who used to be a trader, was found guilty of trading without permission and lying about it. When the verdict comes out in 2023, a long, complicated legal fight that has shaken the financial world will finally be over.
Maniatis was a rising star at a top investment bank, where he was respected for his knowledge of complicated financial tools and his proven ability to boost the bank’s bottom line. But he was not honest and did wrong things to get where he was.
Maniatis traded without permission for several years, putting the bank’s money at risk when he shouldn’t have. He also lied about his gains and lost money by changing financial data to make it look like his trades were less risky than they were.
In the end, the bank’s internal auditors found out about Maniatis’s wrongdoing and told higher-ups, who then started an investigation. They found proof that pointed to a culture of lying and wrongdoing that had been going on for far too long.
When confronted with evidence, Maniatis at first denied doing anything wrong. He said he was acting within his power and in the best interest of the bank. As the trial went on, though, it became clear that his arguments and explanations were not good enough.
The industry body said that between May 2018 and February 2019, Constantinos traded on its own without written permission in seven customer accounts.
Also, Constantinos Maniatis was given a $5,000 fine by FINRA.
The claimed violations happened while Constantinos Maniatis was working at Morgan Stanley in Dallas, Texas.
Morgan Stanley fired him in May 2019 for ‘alleged’ wrongdoing linked to taking money from his “assigned rep code” and an account that he didn’t have control over.
Constantinos Maniatis has worked for Corps Capital Partners since then.
It’s important to note that trustworthy financial advisers don’t get these kinds of accusations, especially from FINRA. Because of this, you should always look into an FA’s work experience before starting a business relationship with them.
In the end, Maniatis was charged with dealing without permission and giving false information, and he was found guilty of all of them. The consequences were very bad. He was banned from ever working in the financial industry again and had to pay fines and give up his bonuses. The bank itself also had to pay big fines because it didn’t keep an eye on and control its employees well enough.
The story of Constantinos Maniatis is a cautionary tale that shows how dangerous it is to have too much desire and how important it is to act ethically in the business world of finance. It is a shocking reminder that people who act badly will finally have to answer for their actions and that the consequences can be very bad.
All professionals in the field must be dedicated to upholding the highest standards of honesty and professionalism at all times. This is especially important as the financial industry continues to adapt to new challenges and change to meet them. Even though the actions of a small number of dishonest people can have big effects, it is up to all of us to make sure that the business stays a trusted and respected steward of the public’s trust.
More on why Constantinos Maniatis was taken off the field:
A Letter of Acceptance, Waiver, and Consent was signed by Maniatis in April 2021. The number of the letter is 2019062788601. Between May 2018 and February 2019, FINRA said that Constantinos Maniatis used his judgment in 7 customer accounts, even though his boss, Morgan Stanley, didn’t let him do that.
Also, a lot of the things he did on his own time were related to city securities.
More specifically, FINRA said that during that period, Maniatis used his or her judgment in 7 accounts 105 times.
Also, 13 of these deals had to do with municipal stocks.
Even though Morgan Stanley and his clients had permitted Constantinos Maniatis to use his judgment in those accounts in the past, Morgan Stanley did not let him do so when he did.
Also, during that time, Morgan Stanley did not accept these accounts as special accounts.
So, Constantinos Maniatis broke rule 2510(b) of the NASD, rule 2010 of the FINRA, and rule G-17 of the MSRB.
It was illegal to trade in this way. It generally happens when a customer keeps their mind. When a customer has a non-discretionary account, the broker must always get permission from the customer before making a trade.
Also, trading without permission is wrong and against the law. It breaks securities rules and authorities’ rules, which hurts the clients very badly.
Constantinos Maniatis has worked in the business for almost 20 years. He has also worked for Citigroup Global Markets and Merrill Lynch, in addition to Corps Capital Partners and Morgan Stanley.
Also, the ban we talked about above was not the only problem Maniatis had.
In 2014, a customer of Constantinos Maniatis wrote to Morgan Stanely to say that he had a problem with the business. In their complaint, the client said that Maniatis lied about an investment plan that involved energy positions.
But the client didn’t file a securities arbitration complaint. Instead, they chose to send a complaint to the brokerage firm.
So, the brokerage company didn’t agree with the customer’s complaint and didn’t offer to make things right.
Maniatis isn’t the only FA who has been in a fight like this. Greg Baker Merrill Lynch is another financial expert who has been in a fight that caused more than $500,000 in damages. You should never trust people like this.
Should you believe what Constantinos Maniatis says?
Constantinos Maniatis has a lot of experience in his field, but the fact that he has been accused of unauthorized trading and lying in the past makes it seem like he is not very dependable.
Both dealing without permission and lying are big problems because they are unethical and against the law.
Because of these things, you should look for a different FA.
Not a good idea
Constantinos Maniatis has been working in the field for a long time. But FINRA has taken strict steps against him for breaking securities laws. Also, he had to leave Morgan Stanley because he used his judgment in cases where he wasn’t allowed to. His record doesn’t make me feel confident.
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