July 2021- Westlake Village, CA
We are investigating former Morgan Stanley financial advisor Darryl M. Cohen, who was a part of The Cohen Group in the offices located in Westlake Village, CA.
According to publicly available records, Daryl Cohen discloses 3 pending customer disputes and 5 prior customer disputes, and a terminations 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.
In 3/2021 a customer of Morgan Stanley was paid $125,000 to resolve allegations that Cohen made an unsuitable recommendation to use the Liquidity Access Line to loan funds to an outside business activity.
There are 3 cases currently pending:
- FINRA 21-1033 in which a Morgan Stanley customer seeks $100,000 and alleges misrepresentation with regard to an outside business investment utilizing a line of credit from the firm.
- FINRA 21-882 in which a Morgan Stanley customer seeks $2,300,000 and alleges misrepresentation with regard to an outside business investment utilizing a line of credit from the firm.
- FINRA 21-110 in which a Morgan Stanley customer seek $5,000,000 and alleges that payment were made without prior approval from their accounts and that they were encouraged to use a Liquidity Access Line for real estate and life insurance policies.
Darryl Cohen began working for Morgan Stanley in 6/2015 and was discharged by Morgan Stanley in 3/2021, who made the following allegations on Cohen’s CRD: “Allegations relating to the representative’s facilitation of outside client business and transactions not disclosed to or approved by Morgan Stanley and use of an unapproved platform to engage in inappropriate communications with clients.”
Morgan Stanley’s Liquidity Access Line
According to Morgan Stanley literature “A Liquidity Access Line allows you to use the eligible securities in your investment account(s) as collateral for a line of credit. You can finance real estate purchases, fund tax obligations, cover business expenses or a variety of other financing needs — without liquidating assets.”
If you suffered losses in an account handled by Darryl Cohen, contact us to learn how 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.
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