The Financial Industry Regulatory Authority (FINRA) fined and suspended former Morgan Stanley broker, Ariya Pejouhesh, for having an intern complete Certified Financial Planner (CFP) designation courses. Instead of completing it himself, Pejouhesh had the intern at Morgan Stanley complete a required 14 hours of continuing education course. Pejouhesh violated FINRA Rule 2010, which requires "high standards" of conduct.
"By permitting someone else to complete the CE class for his CFP certification, Pejouhesh failed to observe high standards of commercial honor and just and equitable principles of trade in the conduct of his business," FINRA said. Pejouhesh is currently registered at Oppenheimer & Co. and declined to comment on the FINRA action. He accepted the sanctions without admitting or denying the allegations.
FINRA said it began its investigation based on a U5 filing from Morgan Stanley. According to BrokerCheck, Morgan Stanley stated Pejouhesh allegedly had the intern complete the CFP courses and had him log this time and other non-Morgan Stanley activities in the firm's timekeeping system. Additionally, Pejouhesh shared his password with another intern for "the purpose of sending emails to prospects."
Pejouhesh earned his CFP certification in May 2018 and was required to complete regular CE courses to maintain the designation. His certification lapsed in December 2021 for failure to complete the required courses. A CFP spokesperson said that the CFP Board can still take enforcement action against individuals who voluntarily relinquish the certification. The broker would also have to meet the Board's ethics standards if he wished to be reinstated.
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