{"id":7656,"date":"2019-01-25T15:51:13","date_gmt":"2019-01-25T20:51:13","guid":{"rendered":"https:\/\/www.silverlaw.com\/blog\/?p=7656"},"modified":"2019-01-25T15:51:13","modified_gmt":"2019-01-25T20:51:13","slug":"finra-suspends-broker-patrick-phillips-after-allegedly-borrowing-70k-from-client","status":"publish","type":"post","link":"https:\/\/www.silverlaw.com\/blog\/finra-suspends-broker-patrick-phillips-after-allegedly-borrowing-70k-from-client\/","title":{"rendered":"FINRA Suspends Broker Patrick Phillips After Allegedly Borrowing $70K From Client"},"content":{"rendered":"<p>Patrick Jermaine Phillips (<a href=\"https:\/\/brokercheck.finra.org\/individual\/summary\/4315963\" target=\"_blank\">CRD #4315963<\/a>) is a former registered broker and investment advisor whose last employer was MSI Financial Services, Inc. (CRD #14251) of Chicago, IL. His previous employers include Citigroup Global Markets Inc. (CRD #7059), Ameriprise Financial Services, Inc. (CRD #6363) and Robert W. Baird &amp; Co. Incorporated (CRD #8158), also of Chicago. He has been in the industry since 2001. No current employment information is available.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone  wp-image-4782 alignleft\" src=\"https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2017\/07\/Morgan-Stanley-Discharges-and-FINRA-Permanently-Bars-Broker-Samuel-Wylie-Sloane-218x300.jpg\" alt=\"Morgan-Stanley-Discharges-and-FINRA-Permanently-Bars-Broker-Samuel-Wylie-Sloane-218x300\" width=\"185\" height=\"254\" srcset=\"https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2017\/07\/Morgan-Stanley-Discharges-and-FINRA-Permanently-Bars-Broker-Samuel-Wylie-Sloane-218x300.jpg 218w, https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2017\/07\/Morgan-Stanley-Discharges-and-FINRA-Permanently-Bars-Broker-Samuel-Wylie-Sloane-768x1055.jpg 768w, https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2017\/07\/Morgan-Stanley-Discharges-and-FINRA-Permanently-Bars-Broker-Samuel-Wylie-Sloane-745x1024.jpg 745w, https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2017\/07\/Morgan-Stanley-Discharges-and-FINRA-Permanently-Bars-Broker-Samuel-Wylie-Sloane-728x1000.jpg 728w, https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2017\/07\/Morgan-Stanley-Discharges-and-FINRA-Permanently-Bars-Broker-Samuel-Wylie-Sloane-87x120.jpg 87w, https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2017\/07\/Morgan-Stanley-Discharges-and-FINRA-Permanently-Bars-Broker-Samuel-Wylie-Sloane.jpg 1182w\" sizes=\"auto, (max-width: 185px) 100vw, 185px\" \/>On 6\/8\/2017, a customer filed a complaint against Robert W. Baird, attempting to recover $70,000 that Phillips borrowed from her during his employment and refused to repay. Philips borrowed the money without the knowledge of Baird and in violation of the firm\u2019s policies.<\/p>\n<p>On 8\/3\/2018, FINRA suspended Phillips after a disciplinary action, which included the unauthorized loan and violating the policies of member firm CGMI prohibiting the use of personal emails for business purposes. These emails prevented CGMI from seeing the emails regarding the loans, as required by the firm\u2019s rules on recordkeeping. Additionally, in 2013, the client moved all of her accounts to CGMI so that Phillips could continue as her broker.<\/p>\n<div class=\"read_more_link\"><a href=\"https:\/\/www.silverlaw.com\/blog\/finra-suspends-broker-patrick-phillips-after-allegedly-borrowing-70k-from-client\/\"  title=\"Continue Reading FINRA Suspends Broker Patrick Phillips After Allegedly Borrowing $70K From Client\" class=\"more-link\">Continue reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Patrick Jermaine Phillips (CRD #4315963) is a former registered broker and investment advisor whose last employer was MSI Financial Services, Inc. (CRD #14251) of Chicago, IL. His previous employers include Citigroup Global Markets Inc. (CRD #7059), Ameriprise Financial Services, Inc. (CRD #6363) and Robert W. Baird &amp; Co. Incorporated (CRD #8158), also of Chicago. He [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[577,580],"tags":[1359,1475,1477,1476,1478],"class_list":["post-7656","post","type-post","status-publish","format-standard","hentry","category-finra-disciplinary-actions","category-stockbroker-misconduct","tag-finra-arbitration-lawyer","tag-msi-financial-services","tag-patrick-phillips","tag-patrick-phillips-msi-financial-services","tag-unauthorized-loans"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>FINRA Suspends Broker Patrick Phillips After Allegedly Borrowing $70K From Client &#8212; Securities Arbitration Lawyers Blog &#8212; January 25, 2019<\/title>\n<meta name=\"description\" content=\"Patrick Jermaine Phillips (CRD #4315963) is a former registered broker and investment advisor whose last employer was MSI Financial Services, Inc. (CRD &#8212; January 25, 2019\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.silverlaw.com\/blog\/finra-suspends-broker-patrick-phillips-after-allegedly-borrowing-70k-from-client\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"FINRA Suspends Broker Patrick Phillips After Allegedly Borrowing $70K From Client &#8212; Securities Arbitration Lawyers Blog &#8212; January 25, 2019\" \/>\n<meta name=\"twitter:description\" content=\"Patrick Jermaine Phillips (CRD #4315963) is a former registered broker and investment advisor whose last employer was MSI Financial Services, Inc. (CRD &#8212; January 25, 2019\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2017\/07\/Morgan-Stanley-Discharges-and-FINRA-Permanently-Bars-Broker-Samuel-Wylie-Sloane.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Silver Law Group\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"FINRA Suspends Broker Patrick Phillips After Allegedly Borrowing $70K From Client &#8212; Securities Arbitration Lawyers Blog &#8212; January 25, 2019","description":"Patrick Jermaine Phillips (CRD #4315963) is a former registered broker and investment advisor whose last employer was MSI Financial Services, Inc. (CRD &#8212; January 25, 2019","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.silverlaw.com\/blog\/finra-suspends-broker-patrick-phillips-after-allegedly-borrowing-70k-from-client\/","twitter_card":"summary_large_image","twitter_title":"FINRA Suspends Broker Patrick Phillips After Allegedly Borrowing $70K From Client &#8212; Securities Arbitration Lawyers Blog &#8212; January 25, 2019","twitter_description":"Patrick Jermaine Phillips (CRD #4315963) is a former registered broker and investment advisor whose last employer was MSI Financial Services, Inc. (CRD &#8212; January 25, 2019","twitter_image":"https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2017\/07\/Morgan-Stanley-Discharges-and-FINRA-Permanently-Bars-Broker-Samuel-Wylie-Sloane.jpg","twitter_misc":{"Written by":"Silver Law Group","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.silverlaw.com\/blog\/finra-suspends-broker-patrick-phillips-after-allegedly-borrowing-70k-from-client\/#article","isPartOf":{"@id":"https:\/\/www.silverlaw.com\/blog\/finra-suspends-broker-patrick-phillips-after-allegedly-borrowing-70k-from-client\/"},"author":{"name":"Silver Law Group","@id":"https:\/\/www.silverlaw.com\/blog\/#\/schema\/person\/de64d999508b1ad10d608a99f0d2e752"},"headline":"FINRA Suspends Broker Patrick Phillips After Allegedly Borrowing $70K From Client","datePublished":"2019-01-25T20:51:13+00:00","mainEntityOfPage":{"@id":"https:\/\/www.silverlaw.com\/blog\/finra-suspends-broker-patrick-phillips-after-allegedly-borrowing-70k-from-client\/"},"wordCount":327,"image":{"@id":"https:\/\/www.silverlaw.com\/blog\/finra-suspends-broker-patrick-phillips-after-allegedly-borrowing-70k-from-client\/#primaryimage"},"thumbnailUrl":"https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2017\/07\/Morgan-Stanley-Discharges-and-FINRA-Permanently-Bars-Broker-Samuel-Wylie-Sloane-218x300.jpg","keywords":["finra arbitration lawyer","MSI Financial Services","Patrick Phillips","Patrick Phillips MSI Financial Services","unauthorized loans"],"articleSection":["FINRA Disciplinary Actions","Stockbroker Misconduct"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.silverlaw.com\/blog\/finra-suspends-broker-patrick-phillips-after-allegedly-borrowing-70k-from-client\/","url":"https:\/\/www.silverlaw.com\/blog\/finra-suspends-broker-patrick-phillips-after-allegedly-borrowing-70k-from-client\/","name":"FINRA Suspends Broker Patrick Phillips After Allegedly Borrowing $70K From Client &#8212; Securities Arbitration Lawyers Blog &#8212; January 25, 2019","isPartOf":{"@id":"https:\/\/www.silverlaw.com\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.silverlaw.com\/blog\/finra-suspends-broker-patrick-phillips-after-allegedly-borrowing-70k-from-client\/#primaryimage"},"image":{"@id":"https:\/\/www.silverlaw.com\/blog\/finra-suspends-broker-patrick-phillips-after-allegedly-borrowing-70k-from-client\/#primaryimage"},"thumbnailUrl":"https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2017\/07\/Morgan-Stanley-Discharges-and-FINRA-Permanently-Bars-Broker-Samuel-Wylie-Sloane-218x300.jpg","datePublished":"2019-01-25T20:51:13+00:00","author":{"@id":"https:\/\/www.silverlaw.com\/blog\/#\/schema\/person\/de64d999508b1ad10d608a99f0d2e752"},"description":"Patrick Jermaine Phillips (CRD #4315963) is a former registered broker and investment advisor whose last employer was MSI Financial Services, Inc. (CRD &#8212; January 25, 2019","breadcrumb":{"@id":"https:\/\/www.silverlaw.com\/blog\/finra-suspends-broker-patrick-phillips-after-allegedly-borrowing-70k-from-client\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.silverlaw.com\/blog\/finra-suspends-broker-patrick-phillips-after-allegedly-borrowing-70k-from-client\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.silverlaw.com\/blog\/finra-suspends-broker-patrick-phillips-after-allegedly-borrowing-70k-from-client\/#primaryimage","url":"https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2017\/07\/Morgan-Stanley-Discharges-and-FINRA-Permanently-Bars-Broker-Samuel-Wylie-Sloane.jpg","contentUrl":"https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2017\/07\/Morgan-Stanley-Discharges-and-FINRA-Permanently-Bars-Broker-Samuel-Wylie-Sloane.jpg","width":1182,"height":1624},{"@type":"BreadcrumbList","@id":"https:\/\/www.silverlaw.com\/blog\/finra-suspends-broker-patrick-phillips-after-allegedly-borrowing-70k-from-client\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.silverlaw.com\/blog\/"},{"@type":"ListItem","position":2,"name":"FINRA Suspends Broker Patrick Phillips After Allegedly Borrowing $70K From Client"}]},{"@type":"WebSite","@id":"https:\/\/www.silverlaw.com\/blog\/#website","url":"https:\/\/www.silverlaw.com\/blog\/","name":"Securities Arbitration Lawyers Blog","description":"Published by Securities Arbitration Lawyers \u2014 Silver Law Group","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.silverlaw.com\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.silverlaw.com\/blog\/#\/schema\/person\/de64d999508b1ad10d608a99f0d2e752","name":"Silver Law Group","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/9eb0a691642ae95c68ee1c45b5f50f35bae76a41f3d9f861c7bfd40c87661746?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/9eb0a691642ae95c68ee1c45b5f50f35bae76a41f3d9f861c7bfd40c87661746?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/9eb0a691642ae95c68ee1c45b5f50f35bae76a41f3d9f861c7bfd40c87661746?s=96&d=mm&r=g","caption":"Silver Law Group"}}]}},"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/www.silverlaw.com\/blog\/wp-json\/wp\/v2\/posts\/7656","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.silverlaw.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.silverlaw.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.silverlaw.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.silverlaw.com\/blog\/wp-json\/wp\/v2\/comments?post=7656"}],"version-history":[{"count":3,"href":"https:\/\/www.silverlaw.com\/blog\/wp-json\/wp\/v2\/posts\/7656\/revisions"}],"predecessor-version":[{"id":7659,"href":"https:\/\/www.silverlaw.com\/blog\/wp-json\/wp\/v2\/posts\/7656\/revisions\/7659"}],"wp:attachment":[{"href":"https:\/\/www.silverlaw.com\/blog\/wp-json\/wp\/v2\/media?parent=7656"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.silverlaw.com\/blog\/wp-json\/wp\/v2\/categories?post=7656"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.silverlaw.com\/blog\/wp-json\/wp\/v2\/tags?post=7656"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}