Robert David-Former Morgan Stanley Broker-Discloses Multiple Customer Disputes -Farmington Hills, MI

Robert David-Former Morgan Stanley Broker-Discloses Multiple Customer Disputes -Farmington Hills, MI 150 150 ER

Robert David Investigation

May 2022- Farmington Hills, MI

According to FINRA records,  Robert C. David, Jr.   a broker  who previously worked for Morgan Stanley , discloses a regulatory event,  5 prior customer disputes and a termination.

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 April 2022, Robert David consented to the sanctions and to the entry of findings that he falsified his customers’ account profile information.  The FINRA findings stated that David falsely increased the net worth and liquid net worth of eight customers and changed the risk tolerance of one customer’s account in his member firm’s system for maintaining account profile information for brokerage accounts.   Sanctions ordered were a 20 month suspension from FINRA in all capacities and a $15,000 fine to be paid by Robert David individually.

From 5/2019 to 7/202o, four Morgan Stanley customers filed customer disputes alleging  failure to follow instructions with respect to investments made in their managed account and unsuitability.   The cases settled for a collective total of $380,000.

In March of 2019, David was terminated from employment with Morgan Stanley as a result of allegations related to entering inaccurate client profile information relative to bond-related transactions and concerns that some of those transactions were not confirmed with customers immediately beforehand.

Robert David was employed by Morgan Stanley from 6/2009 until 4/2019.   Before that time he was with Citigroup Global Markets, Inc. from October 2006 until June 2009.

If you have questions about an account handled by Robert C. David, 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.

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Rex Securities Law

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