Did you suffer investment losses with Morgan Stanley (CRD# 149777) (SEC# 801-70103, 8-68191)?
Galvin Legal, PLLC is launching an investigation on behalf of investors who may have suffered losses investing with Morgan Stanley. If you suffered losses investing with Morgan Stanley, then Galvin Legal, PLLC may be able to help you recover your losses in a Financial Industry Regulatory Authority (“FINRA“) arbitration claim.
As of May 5, 2020, Morgan Stanley’s FINRA BrokerCheck Report contains the following:
52 Regulatory Event Disclosures
94 Arbitration Disclosures
UPDATE 5/20/2020: According to a release by the SEC today, Morgan Stanley has agreed to settle charges that it provided misleading information to clients in its retail wrap fee programs regarding trade execution services and transaction costs. Morgan Stanley has agreed to pay a $5 million penalty that will be distributed to harmed investors.
UPDATE 10/30/2019: William Galvin, Secretary of the Commonwealth of Massachusetts, has fined Morgan Stanley and ordered it to pay back investors.
UPDATE 1/13/17: According to the SEC, Morgan Stanley has agreed to pay a $13 million penalty to settle charges that it overcharged investment advisory clients due to coding and other billing system errors. Allegedly, Morgan Stanley overcharged over 149,000 advisory clients because it failed to implement compliance policies and procedures reasonably designed to ensure that clients were billed accurately according to the terms of their advisory agreements. The firm also allegedly failed to validate billing rates contained in its billing system against client contracts, fee billing histories, and other documentation. According to the SEC, the firm received more than $16 million in excess fees due to the billing errors that occurred from 2002 to 2016. Morgan Stanley has apparently reimbursed this full amount plus interest to affected clients.
UPDATE 10/11/16: Massachusetts has charged Morgan Stanley with conducting an unethical, high-pressure, sales contest among its financial advisors to encourage clients to borrow money against their brokerage accounts.
Main Office Location
2000 WESTCHESTER AVENUE
PURCHASE, NY 10577-2530
100 SOUTH CHARLES STREET
BALTIMORE, MD 21201
Business Telephone Number
Morgan Stanley’s Direct Owners and Executive Officers
MORGAN STANLEY DOMESTIC HOLDINGS, INC., MEMBER
ADRIEN, JACQUES CARLO JR (CRD#:2996942), PRINCIPAL FINANCIAL OFFICER
FINN, JED (CRD#:5658048), DIRECTOR
GALASSO, DAVID ANTHONY (CRD#:1926502), PRINCIPAL OPERATIONS OFFICER
GREGO, JENNIFER A (CRD#:4928947), CHIEF COMPLIANCE OFFICER
HANSEN, TIMOTHY GERARD (CRD#:4956475), CHIEF COMPLIANCE OFFICER (IA ONLY )
HUNEKE, BENJAMIN CORDT (CRD#:2796985), DIRECTOR
JANOVER, JAMES TROY (CRD#:2818307), DIRECTOR
SANTOS, STEVEN MANUEL (CRD#:1832309), DESIGNATED PRINCIPAL – TEXAS
SAPERSTEIN, ANDREW MICHAEL (CRD#:4728253), DIRECTOR, CHAIRMAN, PRESIDENT AND CHIEF EXECUTIVE OFFICER
Due Diligence Requirement
FINRA requires broker-dealers to conduct due diligence on investments and to conduct a suitability analysis when recommending securities to a customer that takes into account the customer’s knowledge and experience. FINRA Rule 2111(a) states that “a member or an associated person must have a reasonable basis to believe that a recommended transaction or investment strategy involving a security or securities is suitable for the customer, based on the information obtained through the reasonable diligence of the member or associated person to ascertain the customer’s investment profile. A customer’s investment profile includes, but is not limited to, the customer’s age, other investments, financial situation and needs, tax status, investment objectives, investment experience, investment time horizon, liquidity needs, risk tolerance, and any other information the customer may disclose to the member or associated person in connection with such recommendation.”
Rule 2111 is composed of three main obligations: reasonable-basis suitability, customer-specific suitability, and quantitative suitability. Broker-Dealers that fail to conduct adequate due diligence on investments they recommend or that make unsuitable recommendations can be held responsible for the customer’s losses in a FINRA arbitration claim.
Request a Free Consultation with a Securities Attorney
This information is all publicly available and is being provided to you by Galvin Legal, PLLC.
Galvin Legal, PLLC is a national securities arbitration, securities mediation, securities litigation, securities fraud, securities regulation and compliance, and investor protection law practice. For more information on Galvin Legal, PLLC and its representation of investors, please visit www.galvinlegal.com or call 1-800-405-5117.
Formerly Known As, Aliases, and Affiliates
CITIGROUP INSTITUTIONAL CONSULTING, CONSULTING GROUP, GRAYSTONE CONSULTING, SMITH BARNEY, CITIGROUP INSTITUTIONAL CONSULTING, CONSULTING GROUP, GRAYSTONE CONSULTING, SMITH BARNEY