In December 2015, a FINRA arbitration panel awarded a former customer of Morgan Stanley Smith Barney Broker Justin Amaral over $1 million, which included over $500,000 in punitive damages. The customer alleged breach of fiduciary duty, breach of contract and violations of the securities laws and that the closed-end funds in her account were unsuitable and were misrepresented to her. FINRA Case 14-03705.
Earlier in the year, in June 2015, Amaral was barred from the securities industry for his failure to cooperate with a FINRA investigation. See this for more.
FINRA records report another large claim against Amaral, a $750,000 customer claim for gross mismanagement and misrepresentation related to exchange traded funds, closed end funds and mutual funds.
Stockbrokers have a duty to make suitable recommendations to customers, taking into account age, health, risk tolerance and investment objectives. FINRA arbitration is a process substantially faster and much less costly than court litigation.
If you have suffered losses in an account handled by Justin Amaral, call to discuss your options with an experienced securities attorney.
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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