JANUARY 2018-Houston, TX
According to publicly available records Charles Albert Dixon Jr. , a former stockbroker with Morgan Stanley was barred by FINRA from acting as a broker or otherwise associating with a broker-dealer firm. Two of Dixon’s customers were paid cash settlements to resolved allegations that their brokerage accounts were mishandled.
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 2017 FINRA commenced an investigation of Dixon in connection with the potential use of discretion (unauthorized trading) without prior written authority. While Dixon acknowledged receiving FINRA’s request for on-the-record testimony, he refused to cooperate with the investigation and therefore was permanently barred from the securities industry. FINRA Case 2017053935201.
In 8/2017 a customer of Morgan Stanley alleged unauthorized trading in his account from June 2013-July 2016 resulting in damages of $500,000. In 8/2017 Morgan Stanley paid the customer $225,000 to resolve the case.
In 5/2006 a customer of Morgan Stanley Dean Witter alleged that her account had been churned and invested in unsuitable investments. Morgan Stanley paid $99,900 to resolve that case in 11/2006.
In March 2017 Dixon was discharged by Morgan Stanley who made the following allegation on his FINRA record: “Allegations regarding registered representative’s conduct with regard to the use of discretionary trading without written authorization and conduct related to a customer complaint.”
If you have losses in an account handled by Charles A. Dixon, Jr. you may be able to recover damages from his former employer 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.
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