MICHAEL ANTHONY CUE is currently employed as a Broker and/or Investment Adviser at CAMBRIDGE INVESTMENT RESEARCH, INC. located at 14576 W. WILSHIRE DR, GOODYEAR, AZ, 85395.
MICHAEL ANTHONY CUE has worked at CAMBRIDGE INVESTMENT RESEARCH, INC. since February 17, 2014
Disclosure History
MICHAEL ANTHONY CUE has 1 Disclosure Event(s).
Date: April 21, 2010 Category: Employment Separation After Allegations Firm Name: MORGAN STANLEY SMITH BARNEY Termination Type: Discharged Allegations: ALLEGATIONS OF DISCRETIONARY TRADING IN CERTAIN CLIENT'S ACCOUNTS WITHOUT WRITTEN AUTHORIZATION Broker Comment: AM PROVIDING THE FOLLOWING RESPONSE TO ITEM 7B OF FORM U5 AS FILED BY MORGAN STANLEY SMITH BARNEY (CRD NO. 149777, "MORGAN STANLEY") ON MAY 17, 2010. FOR THE REASONS SET FORTH BELOW, I BELIEVE THAT AN ADDITIONAL EXPLANATION OF THE FACTS LEADING TO THE INTERNAL REVIEW IDENTIFIED IN ITEM 7B MAY BE OF VALUE TO FINRA. IMPORTANTLY, WHILE ITEM 7B INDICATES THAT AN INTERNAL REVIEW WAS CONDUCTED IN REGARDS TO DISCRETIONARY TRADING, THESE FACTS DEMONSTRATE THAT THERE WAS A LOWER DEGREE OF RISK TO THE FIRM'S CLIENTS, AND A LACK OF INCENTIVES FOR IMPROPER MOTIVE ON MY BEHALF, AS COMPARED TO OTHER TYPES OF DISCRETIONARY TRADING. 1.NATURE OF THE DISCRETIONARY TRADING IDENTIFIED BY MORGAN STANLEY. DURING MY EMPLOYMENT AT MORGAN STANLEY, I COORDINATED INVESTMENT PROGRAMS ON BEHALF OF VARIOUS CLIENTS. IN EACH CASE, A CLIENT AND I WOULD DISCUSS (IN PERSON OR BY TELEPHONE) CERTAIN TARGET SECURITIES IN WHICH I BELIEVED HE OR SHE WOULD BE INTERESTED IN INVESTING. SUBSEQUENT TO A CLIENT'S SELECTION OF CERTAIN SECURITIES, AND IN COMPLIANCE WITH EACH CLIENT'S INSTRUCTIONS, I PURCHASED THOSE SECURITIES AT TIMES AND IN QUANTITIES WHICH I DEEMED TO BE APPROPRIATE AND IN THE CLIENT'S BEST INTERESTS. AT THE TIME IN WHICH I ENGAGED IN THOSE TRANSACTIONS ON BEHALF OF MY CLIENTS, I WAS UNDER THE BELIEF THAT THE ORAL CONSENT THAT I HAD PREVIOUSLY RECEIVED FROM MY CLIENTS FULLY COMPLIED WITH APPLICABLE LAW AND MORGAN STANLEY COMPLIANCE RULES. I NOW UNDERSTAND THAT THE APPLICABLE RULES REQUIRE THAT WRITTEN INSTRUCTIONS FROM CLIENTS BE OBTAINED PRIOR TO IMPLEMENTING TIME AND PRICE DISCRETION TRADING, TO THE EXTENT THAT TRADES ARE NOT EXECUTED DURING THE SAME DAY OR TRADING SESSION. WHILE I UNDERSTAND THAT IT WOULD BE INAPPROPRIATE TO RELY ON ORAL INSTRUCTIONS IN THE FUTURE, I THINK THAT IT IS IMPORTANT THAT EACH CLIENT HAD GIVEN (AND NOT REVOKED) ORAL CONSENT TO ENGAGE IN TIME AND PRICE DISCRETION ON HIS OR HER BEHALF PRIOR TO ANY SUCH TRADING. FURTHER, THE FORM U5 TO WHICH I AM RESPONDING EVIDENCES THAT NO CUSTOMER COMPLAINTS WERE MADE. 2.THERE WAS NO FINANCIAL INCENTIVE FOR ME TO ENGAGE IN DISCRETIONARY TRADING. WHILE AT MORGAN STANLEY, I WAS A PARTICIPANT IN MORGAN STANLEY'S TRAINING PROGRAM. AS A RESULT, PRIOR TO THE TIME AT WHICH THE INTERNAL REVIEW WAS COMMENCED, MY COMPENSATION WAS BASED ONLY UPON A FIXED ANNUAL SALARY. (AROUND THE TIME THAT THE INTERNAL REVIEW WAS COMMENCED, MY SALARY WAS REDUCED SUCH THAT IT WAS BASED SOLELY UPON A PERCENTAGE OF ASSETS MANAGED UNDER A WRAP-FEE ARRANGEMENT). SIMILARLY, I WAS NOT EVALUATED BASED UPON THE NUMBER OR TYPES OF TRADES WHICH I GENERATED. FOR THESE REASONS, AND BECAUSE ALL OF THE CLIENT ACCOUNTS WHICH I MANAGED WERE WRAP-FEE ARRANGEMENTS, NEITHER MORGAN STANLEY NOR WAS I IN A POSITION TO PROFIT OR BENEFIT FROM DISCRETIONARY TRADING BASED UPON IMPROPER MOTIVES.
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