Category Archives: Morgan Stanley

Morgan Stanley, Morgan Stanley Smith Barney, Stockbroker Malpractice, StockBroker Misconduct, UBS, Unsuitable Investments

David Fenning-Morgan Stanley Broker-Discloses Settled 4 Customer Disputes and 1 Pending Customer Dispute-NY, NY

April 2021- New York, NY

According to publicly available records David W. Fenning (CRD#1005307), a stockbroker who works for Morgan Stanley Smith Barney  discloses 4 settled customer disputes and 1 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.

From July of 1997 until July 2011, four customer disputes were filed by customers of UBS Financial Services, Inc. – Fenning’s previous employer – alleging among other things, unsuitable recommendation and misrepresentations in connection with purchase of structured products, notes and preferred stock, breach of fiduciary duty, negligence, fraud and unauthorized trades and transactions.   These cases were cumulatively settled for $369,000.

In May of 2020, FINRA case #20-01343 was filed by a customer of UBS Financial Services, Inc., alleging unsuitability and negligence with respect to recommendations of investment of accounts.   The alleged damages are $173,000 .

Fenning has been employed with Morgan Stanley Smith Barney since May of 2019. Before that he worked with UBS Financial Services, Inc.

If you had an account with David Fenning that suffered losses, you may be entitled to collect damages from his prior employer. 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

Failure to Supervise, Finra Investigation of Stockbroker, Morgan Stanley, Stockbroker Discharged, Stockbroker Malpractice, StockBroker Misconduct

Benjamin Leitman-Former Morgan Stanley Broker-Disclosed Regulatory Matter and a Termination-New York

February 2021- New York

According to publicly available records   Benjamin Leitman , a former stockbroker who last worked for Morgan Stanley discloses a 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.

In May 2020 FINRA   alleged that Leitman falsely signed customer names on account documents of his member firm and also a letter of authorization seeking the disbursement of customer funds.   The findings stated that while transferring accounts from a broker-dealer to his firm, Lietman affixed the purported signature of a customer onto a contract account document.  Leitman further added a social security number and crossed out numbers for a social security number on the firm account application that the customer had already signed in order to facilitate the processing of the document.   According to FINRA, Leitman affixed the purposed signature of another customer to a corporate document and added social security numbers to the document.   Leitman subsequently provided a second letter of authorization actually signed by the other customer authorization.    FINRA sanctions were a 45 day suspension and a $5,000 fine. FINRA case #2019061903401.

In February 2019 Leitman was discharged from his employment with Morgan Stanley after allegations about his practices in processing documents, including signing and initialing certain documents for clients.

Lietman worked with Morgan Stanley from November of 2018 until his termination 2/2019.   Before that time he had worked with Merrill Lynch, Pierce, Fenner & Smith and AXA Advisors.   

If you had an account with Benjamin Leitman that suffered losses, you may be entitled to collect damages from his prior employer. 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

Finra Investigation of Stockbroker, Forgery, Morgan Stanley, Morgan Stanley Smith Barney, Stockbroker Discharged, Stockbroker Malpractice, StockBroker Misconduct

Benjamin Leitman-Former Morgan Stanley Broker-Discloses Regulatory Event and Termination-New York

December 2020- New York, NY

According to publicly available records Benjamin Leitman (CRD#5698076), a  former stockbroker who is currently unregistered, discloses a 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.

In May 2020 FINRA, in  case #2019061903401,  alleged that Leitman falsely signed customer names on account documents of his member firm and also a letter of authorization seeking the disbursement of customer funds.   The findings stated that while transferring accounts from a broker-dealer to his firm, Lietman affixed the purported signature of a customer onto a contract account document.  Leitman further added a social security number and crossed out numbers for a social security number on the firm account application that the customer had already signed in order to facilitate the processing of the document.   According to FINRA, Leitman affixed the purposed signature of another customer to a corporate document and added social security numbers to the document.   Leitman subsequently provided a second letter of authorization actually singed by the other customer authorization.   Leitman falsely signed the documents as an accommodation to the customers.   FINRA sanctions were a 45 day suspension and a $5,000 fine.

In February 2019 Leitman was discharged from his employment with Morgan Stanley after allegations about his practices in processing documents, including signing and initialing certain documents for clients.

Lietman worked with Morgan Stanley from November of 2018 until his termination 2/2019.   Before that time he had worked with Merrill Lynch, Pierce, Fenner & Smith and AXA Advisors.   

If you had an account with Benjamin Leitman that suffered losses, you may be entitled to collect damages from his prior employer. 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

Finra Investigation of Stockbroker, Fraud, Morgan Stanley, Outside Business Activities, Stockbroker Discharged, Stockbroker Malpractice, StockBroker Misconduct, Theft, Wells Fargo

Herbert “Elias” Hafen-Former Morgan Stanley Broker-Pleads Guilty to Fraud- New York, NY

November  2019- New York, NY

The FINRA records of  Herbert “Elias” Hafen ,  a  financial advisor previously employed by  Morgan Stanley, disclose a prior regulatory event,  a pending criminal matter, a pending civil matter, a prior customer dispute 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.

In 2/2019  Hafen failed to respond to FINRA request for information in connection with a FINRA investigation and was permanently barred from the securities industry.

In September 2019 Hafen pled guilty to investment adviser fraud. Sentencing is scheduled for January 2020.

The Securities and Exchange Commission filed a complaint against Hafen in 9/2019 alleging that from July 2011-April 2018 Hafen defrauded clients of the financial institutions he worked for at that time. VIctims were promised 6% interest in an investment that had little risk. In reality there was no investment and Hafen used the money for personal expenses. Of the $1.6 million he raised from victims only about $650,000 was returned.

In 5/2019, a Morgan Stanley Smith Barney customer was paid $430,000 to resolve allegations that Hafen  misappropriated funds.

In 8/2018 Hafen was discharged from Wells Fargo Clearing Services  after he admitted to entering into financial arrangements with clients that were not approved by the firm.

Hafen was registered with Wells Fargo Clearing Services  from March to September of 2018.  Prior to that he was employed by Morgan Stanley Smith Barney from 6/2009-4/2018.

If you have losses in an account  handled by Herbert “Elias” Hafen , contact us for a no charge consultation 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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870