Category Archives: Morgan Stanley Smith Barney

Andrew “Todd” Yocum Investigation Continues-The VIllages, FL

The Villages Florida

UPDATE OCTOBER 2017FINRA records disclose that Andrew “Todd” Yocum has two prior final regulatory matters resulting in his bar from the industry. There are 10 currently pending customer disputes and 23 prior customer disputes that are final.

In the bulk of the customer disputes, the customers allege an overconcentration of oil and gas related securities.

Here is a sampling of some of the 23 prior cases that have been settled:

  • In 2/2017 a customer of Morgan Stanley was paid $67,500 to resolve allegations that Yocum made unsuitable recommendations in the energy sector 2014-1015.
  • In 8/2017 a Morgan Stanley customer was paid $75,000 to resolve allegations that Yocum over-concentrated their portfolio with unsuitable investments. FINRA Case 17-0049.
  • IN 8/2016 a customer of Morgan Stanley was paid $35,975 to resolve allegations that from March 2012-September 2015 Yocum made unsuitable recommendations.

FINRA Alleges Yocum Recommended Unsuitable Energy Investments to Seniors

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. Customers of broker dealers who have a dispute, such as a claim for account losses , are entitled to file an arbitration proceeding against the firm and/or the broker to recover damages. FINRA entered a permanent bar against Yocum in May 2016 after he refused to appear for FINRA on-the-record testimony in connection with an investigation into whether he effected unauthorized transactions, exercised discretion without written authorization, and recommended unsuitable concentrated purchases of energy sector securities to senior investors.

Florida Securities Regulators Find That Yocum Executed Unauthorized Trades

In 3/2017 the Florida Office of Financial Regulation filed an Administrative Complaint alleging violations of standards of commercial honor and principles of trade; suitability; and placing trades in client accounts without authorization. Yocum was barred from the securities industry by FINRA in May 2017.

The Florida regulators found that Yocum executed trades that were not authorized, made trade recommendations that were not suitable, and failed to execute trades by the end of the day on the date the client requested. Yocum was ordered to cease and desist and be permanently barred from submitting an application for license or registration under Florida Chapter 517.

 

Andrew Yocum was employed by Morgan Stanley and worked in their office located at 832 Lake Sumter Landing, The Villages, Florida, until he was discharged in October 2015 for “Allegations concerning acting on verbal discretion” according to FINRA records.

We continue to evaluate potential cases for former clients of Todd Yocum. Call to discuss your options for recovery. Cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Michael O’Connor-Former Morgan Stanley Broker-Agrees to Bar from Securities Industry-Pepper Pike, OH

September 2017 – Pepper Pike, OH

According to publicly available records  Michael J. O’Connor (CRD#5791343) , a former stockbroker  who was most recently employed by Morgan Stanley , disclose a termination from employment and a regulatory event that resulted in his bar from the securities industry.

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.

O’Connor was employed by Morgan Stanley from 7/2010-2/2017. He was discharged in 1/2017 by Morgan Stanley who made the following allegation on O’Connor’s FINRA record: “Concerns related to timing of registered representative’s disclosure of his status of power of attorney and financial arrangement with client, who ultimately became his wife.”

Following his discharge from Morgan Stanley FINRA staff sent a request to O’Connor for on the record testimony pursuant to FINRA rule 8210. Through his counsel O’Connor acknowledged that he received the request and he would not appear for on the record testimony at any time. O’Connor agreed to a permanent bar from associating with any FINRA member in any capacity.

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.

International Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Jeffrey R. Wilson-Wells Fargo Broker-Loses Arbitration to Customer Over Energy and Real Estate Investments-Las Cruces, NM

May 2017-Las Cruces, NM

The FINRA records of  Jeffrey R. Wilson  ,  a  stockbroker who is currently  registered with Wells Fargo Clearing Services disclose a recent arbitration award to a customer and 2 other prior customer disputes.

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 March 2017, following a three day hearing,  a FINRA arbitration panel ordered Wells Fargo to pay  a former customer of Wilson $357,000, plus 8.75% interest, for damages related to investments in energy and housing products and the use of a margin line of credit. Pryor vs. Wells Fargo Advisors, Case #16-01123. 

In December 2016, Wells Fargo paid another Wilson customer $250,000 to settle allegations that direct investments purchased in 2014-2015 were unsuitable.

In October 2016, Wells Fargo paid a Wilson customer $275,000 to resolve allegations that the account had been excessively traded in unsuitable and risky investments.

Wilson   has been employed by Wells Fargo since 5/2014. Prior to that he was employed by Morgan Stanley.

If you have questions about an account  handled by Jeffrey R. Wilson , contact us to discuss your options.

Alternative investments include non publicly traded real estate investment trusts (REITS) , equipment leasing, oil and gas, hedge funds, real estate, commodities and derivatives contracts and, managed futures.  These investments tend to be complex, illiquid, nontransparent, hard to value and expensive. Many of the alternative investments sold over recent years are not traded on any public market making them difficult to value and even more difficult to liquidate if cash is needed.

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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Patrick D. Combs-Former Morgan Stanley Broker-Discloses Customer Dispute and Suspension by FINRA-Southlake, TX

May 2017-Southlake, TX

The FINRA records of  Patrick D. Combs  ,  a  stockbroker who is currently suspended by FINRA and who was last registered with IMS Securities disclose a pending customer dispute, a final regulatory event and a termination from employment.

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.

Combs discloses case 048-283087-16 pending in Tarrant County District Court alleging unspecified damages related to a 2012 non-broker affiliated investment.

IN 3/2017 Combs was suspended by FINRA for 7 months and fined $7,500 to resolve allegations that he participated in a private securities transaction without providing written notice to Morgan Stanley. The customer invested $500,000 in a promissory note in a privately held sports drink company. FINRA findings state that Combs submitted false answers concerning the private securities transaction in annual compliance questionnaires.

Combs  was employed by Morgan Stanley  from 6/2009-3/2016He was terminated by Morgan Stanley who made the following allegation on his FINRA record: “Allegations regarding employee’s conduct regarding the use of personal email to facilitate a private securities investment for a firm client.”

Combs was then employed briefly 3/2016-4/2016 by Houston-based IMS Securities.

If you have questions about an account  handled by Patrick D. Combs , contact us to discuss your options.

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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Vincent P. Afflixio-Morgan Stanley Broker-Discloses $500K Customer Dispute-Hauppauge, NY

May 2017-Hauppauge, NY

According to publicly available records Vincent P. Afflixio, Jr. , (CRD#1043147 ) ,  a  stockbroker who is currently registered with Morgan Stanley discloses a pending customer dispute.

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 currently pending FINRA case #17-0189, a customer of Morgan Stanley Smith Barney alleges damages of $500,000 for unsuitable trading in his accounts from 2009-2016.

Vincent Afflixio has been registered with Morgan Stanley since 6/2009.

If you have questions about an investment account handled by Vincent P. Afflixio, Jr. call for a no charge consultation.

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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

John R. Gunnip-Morgan Stanley Broker-Discloses Customer Dispute-Southlake, TX

April 2017-Southlake, Texas

According to publicly available records John R. Gunnip , (CRD# 1398442) ,  a   stockbroker who works for Morgan Stanley discloses a pending customer dispute and 3 prior customer disputes.

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 the currently pending dispute, a customer  of Morgan Stanley alleges damages of $265,000 for unsuitable investments in equities and a managed/wrap account.

Gunnip has been employed by Morgan Stanley since 6/2009.

If you have questions about an account handled by John R. Gunnip, call to discuss your options.

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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Kirk Gill-Former Morgan Stanley Broker-Discloses Numerous Customer Complaints-Tucson, AZ

April 2017-Tucson, AZ

The FINRA records of  Kirk J. Gill ,  a  stockbroker who is currently  employed by  First Financial Equity Corp.  disclose 5 pending customer disputes and 7 prior final customer disputes.

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.

The currently pending disputes include:

  • FINRA Case 17-0335 – a customer of Gill’s  former employer Morgan Stanley Smith Barney alleges damages of $500,000 for unsuitable investments from 2010-2016.
  • FINRA Case 16-2230- another customer of  Morgan Stanley Smith Barney alleges damages of $500,000 for unsuitable investments from 2011-2015.
  • FINRA Case 16-1758-another customer of Morgan Stanley Smith Barney seeks  an unspecified amount for damages resulting from an overconcentration of high risk, unsuitable, equities from 2010-March 2016.

Kirk Gill has been employed by First Financial Equity Corp since 3/2016. He was with Morgan Stanley from 6/2009-4/2016.

If you have losses in an account in an account handled by Kirk Gill  , you may be able to recover damages through FINRA arbitration.

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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870