MAY 2017 UPDATE-In May 2017 a customer of Morgan Stanley Smith Barney alleged unauthorized trading with respect to corporate bond investments. That matter was settled for $21,000.
ORIGINAL POST-October 2016
The FINRA records of Rick A. Davidson, a stockbroker who is currently employed by Jefferies LLC disclose 3 prior customer disputes that that are final , one pending customer dispute and a separation from employment after allegations.
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
In July 2012, a customer of Davidson’s prior employer Morgan Stanley Smith Barney was paid a settlement of $101,787 to resolve allegations that Davidson engaged in unauthorized transactions beginning in 2010.
In currently pending FINRA arbitration #16-02283, a customer of Davidson while he was employed by Morgan Stanley Smith Barney alleges damages of $1,000,000 for unsuitable recommendations from January 2013-March 2016.
Davidson’s employment with Morgan Stanley was terminated in May 2016 when he voluntarily resigned. Morgan Stanley makes the following allegation in connection with the termination: “Allegations relating to registered representative’s exercise of discretion in clients’ accounts as well as receipt of a loan from a Morgan Stanley employee.”
Davidson was employed by Morgan Stanley from 6/2009-6/2016. He has been employed by Jefferies LLC since 5/2016, according to FINRA records.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.
Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
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