Tag Archives: Morgan Stanley Smith Barney problem

Vincent P. Afflixio-Morgan Stanley Broker-Discloses $500K Customer Dispute-Hauppauge, NY

May 2017-Hauppauge, NY

According to publicly available records Vincent P. Afflixio, Jr. , (CRD#1043147 ) ,  a  stockbroker who is currently registered with Morgan Stanley discloses a 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.

In currently pending FINRA case #17-0189, a customer of Morgan Stanley Smith Barney alleges damages of $500,000 for unsuitable trading in his accounts from 2009-2016.

Vincent Afflixio has been registered with Morgan Stanley since 6/2009.

If you have questions about an investment account handled by Vincent P. Afflixio, 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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Richard T. Lucker-Former Morgan Stanley Broker-Discloses $14M Customer Dispute-El Paso, TX

April 2017-El Paso, Texas

The FINRA records of  Richard T. Lucker ,  a  stockbroker who is currently  employed by  Wells Fargo Clearing Services  disclose a pending dispute in which a customer seeks damages in excess of $14 million.

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 currently pending FINRA Case 17-0311 , a customer of Lucker’s former employer Morgan Stanley Smith Barney alleges damages of $14,447,501 for failure to supervise with the management of her account.

Lucker , regional manager at Wells Fargo Advisors, has been employed by Wells Fargo since 3/2014. Prior to that he was registered with Morgan Stanley from 6/2009-2/2014. He previously resided in Tucson, AZ, Billings, MT, and Bellevue, WA.

 

If you have losses in an account in an account handled by Richard T. Lucker  , 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

Rick Davidson-Former Morgan Stanley Broker-Discloses $1M Customer Dispute

MARCH 2018 UPDATE-FINRA Case 16-2283, discussed below was settled during 2017 for $175,000.

MAY 2017 UPDATE-In May 2017 a customer of Morgan Stanley Smith Barney alleged unauthorized trading with respect to corporate bond investments. That matter was settled for $21,000.

ORIGINAL POST-October 2016

The FINRA records of  Rick A. Davidson,  a  stockbroker who is currently employed by  Jefferies LLC  disclose 3 prior customer disputes that that are final , one pending customer dispute and a separation from employment after allegations.

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 July 2012, a customer of Davidson’s prior employer Morgan Stanley Smith Barney was paid a settlement of $101,787 to resolve allegations that Davidson engaged in unauthorized transactions beginning in 2010.

In currently pending FINRA arbitration #16-02283, a customer of Davidson while he was employed by Morgan Stanley Smith Barney alleges damages of $1,000,000 for unsuitable recommendations from January 2013-March 2016.

Davidson’s employment with Morgan Stanley was terminated in May 2016 when he voluntarily resigned. Morgan Stanley makes the following allegation in connection with the termination: “Allegations relating to registered representative’s exercise of discretion in clients’ accounts as well as receipt of a loan from a Morgan Stanley employee.”

Davidson was employed by Morgan Stanley from 6/2009-6/2016. He has been employed by Jefferies LLC since 5/2016, according to FINRA records.

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

Kirk J. Gill-Former Morgan Stanley Broker-Discloses Numerous Customer Complaints-Tucson, AZ

UPDATE March 2017- FINRA records disclose that additional customer disputes against Kirk Gill have been made since our prior posting. There are now 6 pending and 7 final customer disputes naming Gill.

In February 2017 in FINRA case 17-0335 a customer of Morgan Stanley Smith Barney alleges damages of $500,000 for unsuitable investments made from 2010-2016.

In July in FINRA case 16-2230 a  customer of Morgan Stanley alleges damages of $500,000 for unsuitable investments from August 2011-November 2015.

In June 2016 in FINRA case #16-01758 a customer of Morgan Stanley alleged that from 2010 to March 2016, Gill over concentrated her investments in high risk and unsuitable equities. No damages are specified.

FINRA Case 15-0674 filed by a customer of Morgan Stanley alleges damages of $450,000  for making unsuitable recommendations for the customer’s account from October 2011 to November 2014.

May 2016–Tucson, AZ

According to FINRA records, Kirk J. Gill  a broker who has been  registered  with First Financial  Equity , since  3/2016  , discloses a pending customer dispute and 5 prior customer disputes that are final.

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.

Prior to joining First Financial Equity Corp. , Gill  was registered with Morgan Stanley  from 6/2009- 4/2016.

In pending FINRA Case 15-1538 a customer while Gill was employed by Morgan Stanley is seeking damages of $300,000 for unsuitable recommendations from 2007-2014.

If you have losses in an account handled by Kirk J. Gill  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

Claus Foerster Indicted for $2.8M Fraud-Spartanburg, S Carolina

March 2016

The US Attorney’s Office for District of South Carolina announced that Claus C. Foerster, age 55, of Spartanburg, South Carolina was charged in a 5 count indictment with wire fraud.  Maximum penalty is 20 years imprisonment and a fine of $250,000.

Foerster, touting a non existent company, SG Investments,  allegedly defrauded clients of $2.8 million while employed by Smith Barney, Morgan Keegan and Raymond James from 2000-2014.

Foerster was barred from the securities industry in June 2014.

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