Finra bars former Morgan Stanley broker accused of accepting loans from clients

An ex-Morgan Stanley broker terminated for allegedly accepting loans from clients was barred by the Financial Industry Regulatory Authority Inc. after he declined to take part in its investigation. Michael Ralby, who worked for the firm in Boca Raton, Fla., was terminated in January. Finra routinely investigates brokers who are terminated and if they don't agree to participate in the investigation they face being barred from the industry. Mr. Ralby began his securities career at First Miami Securities in 1984 and moved to Smith Barney in 1990, where he stayed for five years. He then worked for four firms before joining Oppenheimer & Co. in 2009. He moved to Morgan Stanley in 2013.