Morgan Stanley

Did You Suffer Serious Investment Losses While Working With Former Morgan Stanley Broker Doug McKelvey?

Published on: September 13, 2022 | by Shepherd Smith Edwards & Kantas, LLP

Our Houston Securities Attorneys and Investment Fraud Attorneys Can Help You Explore Your Legal Options

Beginning August 26, 2022, the Financial Industry Regulatory Authority (FINRA) has barred former Morgan Stanley broker Doug Marshall McKelvey. The decision comes after the ex-Texas financial advisor refused to provide the information requested by the self-regulatory organization (SRO) in the latter’s inquiry into his firing by the broker-dealer in April 2022.

Morgan Stanley claims that they terminated McKelvey’s employment because he allegedly misappropriated funds from and engaged in unauthorized activities in the accounts of clients. McKelvey has consented to FINRA’s findings resulting in the permanent and indefinite bar.

Customer of Morgan Stanley Broker Thomas Bonds Files $5M Unsuitability Case

Published on: May 27, 2022 | by Shepherd Smith Edwards & Kantas, LLP

Morgan Stanley Broker Thomas Bonds Has Three Investor Claims That Resulted in Settlements

Our broker misconduct attorneys are investigating claims of losses involving current and former customers of Morgan Stanley broker Thomas Craig Bonds. According to his BrokerCheck record, the Kirkland, WA financial advisor has one pending customer dispute. In the investor’s FINRA arbitration claim, the claimant seeks $5M in damages and alleges unsuitability related to how the broker managed their account from April 2015 to September 2021.

Unsuitability generally alleges that actions were taken by the financial advisor that were not a suitable fit for the investor given several factors, including:

SEC Sues Ex-Morgan Stanley Broker Shawn Good Over Alleged $4.8M Ponzi Scam

Published on: April 25, 2022 | by Shepherd Smith Edwards & Kantas, LLP

Ex-Morgan Stanley Broker Accused of Defrauding Investors, Including Retirees

The Securities and Exchange Commission (SEC) has filed civil charges against former Morgan Stanley financial advisor Shawn Edward Good accusing him of operating a years-long Ponzi scheme and misappropriating millions of dollars from customers.

Shawn Good is accused of raising at least $4.8M from five clients at the firm, including retirees and a single mom with young children, to supposedly invest in low-risk, tax-free bonds and land development projects.

Ex-Morgan Stanley Broker Darryl Cohen, Accused of Defrauding Pro Athletes, To Be Barred by FINRA

Published on: February 10, 2022 | by Shepherd Smith Edwards & Kantas, LLP

Fired California Financial Advisor Allegedly Bilked Pro Athletes of Millions

Darryl Matthew Cohen, a former top-producing Morgan Stanley Smith Barney registered representative of Southern California, faces a FINRA bar beginning February 16, 2022. This bar will come into effect unless he cooperates in the self-regulatory organization’s (SRO’s) probe into allegations that he improperly used customers’ money. A number of the clients who have stepped forward to complain are current and ex-professional athletes.

Morgan Stanley fired Darryl Cohen in March 2021 over allegedly engaging in undisclosed outside business activities and using an unapproved platform to communicate with clients inappropriately. He has nine customer disputes listed on BrokerCheck, with four of them still pending in which the damages sought total millions of dollars.

Customers of Morgan Stanley Broker Michael Wagner Seek Over $20M in Damages

Published on: January 13, 2022 | by Shepherd Smith Edwards & Kantas, LLP

Atlanta Financial Advisor Accused of Using an Unsuitable Options Investment Strategy

Michael John Wagner, a longtime Morgan Stanley broker, is currently under scrutiny in the wake of recent customer disputes in which the claimants are requesting over $20M in damages.

Based out of Atlanta, Georgia, Wagner has worked in the industry for 20 years. He has been a Morgan Stanley broker since 2012. Before that, he was a Merrill Lynch stockbroker and investment advisor.

Former Morgan Stanley Broker Jesus Rodriguez Is Barred by FINRA

Published on: December 7, 2021 | by Shepherd Smith Edwards & Kantas, LLP

Ex-El Paso Financial Advisor Allegedly Took Over $61K From Client Credit Line

On November 29, 2021, the Financial Industry Regulatory Authority (FINRA) barred Jesus Rodriguez. The former Texas broker was accused of taking over $61K from a client credit line for his own use. The sanction came after he refused to cooperate in the self-regulatory organization’s (SRO’s) investigation. Rodriguez is also named in several customer disputes.

Our broker misconduct attorneys are speaking with former customers of ex-Morgan Stanley financial advisor Jesus Rodriguez that have suffered investment losses. We can help you determine whether you have grounds for a FINRA arbitration claim.

Ex-Morgan Stanley Broker Francisco Valenzuela is Named in $500K Investor Claim Alleging Unsuitability

Published on: July 22, 2021 | by Shepherd Smith Edwards & Kantas, LLP

Former Tucson, Arizona Financial Advisor Has Two Pending Complaints on Record

If you suffered losses while working with ex-Morgan Stanley registered representative Francisco Javier Valenzuela, you may have grounds for a Financial Industry Regulatory Authority (FINRA) arbitration claim to recover your losses. Valenzuela, who is also a former registered investment advisor, has seven disclosures on his BrokerCheck record, including two pending disputes.

Our broker negligence attorneys at Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) are looking into customer claims of investment losses they experienced while working with Francisco Valenzuela or any other Morgan Stanley registered representative. If you are one of these investors, call (800) 259-9010 today.

Fired Morgan Stanley Brokers May Have Grounds for Wrongful Termination Claims

Published on: December 1, 2020 | by Shepherd Smith Edwards & Kantas, LLP

Morgan Stanley Fires Financial Advisors After Inherited Account Credits Investigation

Morgan Stanley (MS) announced recently that it has terminated a number of financial advisors after a months-long investigation into payments being made to retired Morgan Stanley financial advisors under Morgan Stanley’s own Legacy Account Payments Program.

Morgan Stanley’s “sunset plan” allows brokers who are retiring from the firm to split fees and commissions with brokers who inherit the retiring broker’s accounts.

More Than 20 Investor Fraud Complaints Have Involved Ex-Morgan Stanley Broker Michael Paesano

Published on: August 26, 2020 | by Shepherd Smith Edwards & Kantas, LLP

The Latest Customer Claim Accuses Investment Advisor of Excessive Trading

Once again, an investor is blaming former Morgan Stanley stockbroker, Michael Frank Paesano, for their investment losses. These latest allegations involve excessive trading.

Although Paesano is no longer a registered broker, he is still a registered investment advisor and he may be affiliated with Axiom Investment Management. During Paesano’s 26 years in the industry, there have been more than twenty customer complaints brought against him. While four of these cases were denied, all of the other resolved claims have led to significant settlements, including one for $1.2M.

Ex- Morgan Stanley Broker Pleads Guilty to $6M Investment Fraud

Published on: July 31, 2020 | by Shepherd Smith Edwards & Kantas, LLP

Ex-Morgan Stanley Broker Admits To Criminal Investment Fraud, Faces SEC Charges

Michael Barry Carter, a former Morgan Stanley (MS) broker, has pleaded guilty to federal investment fraud and wire fraud charges involving a scam in which he defrauded five customers. This included at least one elderly client, of more than $6M. The scheme took place over 12 years. After his acts of broker fraud were uncovered, Carter took money from other investors to pay back his other victims.

Morgan Stanley fired Carter last year. He also is now facing parallel Securities and Exchange Commission (SEC) civil charges.