Tag Archives: Morgan Stanley

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

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

William (Billy) Busch-Morgan Stanley Broker-Discloses Pending Customer Suit-Austin,TX

April 2019 – Austin, TX

According to publicly available records  William (Billy) D. Busch , a stockbroker who was previously registered with Morgan Stanley & Co. discloses  a pending customer dispute.

The Financial 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 November 2016,  a customer of Morgan Stanley filed FINRA case 16-03438 alleging  that from 2010 to 2014, Busch misrepresented unsuitable investments in the client’s accounts. The customer is seeking damages of  $500,000 in this currently pending matter.

Busch has been employed with Morgan Stanley & Co. 6/2009.  He also discloses registration with Purshe Kaplan Sterling Investments since 4/2019. Before that time he was employed with UBS Financial Services.

If you have questions about account handled by William (Billy) Busch, contact us for a no charge consultation to learn about your legal options for recovery of losses.

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`

Michael Ralby-Former Morgan Stanley Smith Barney Broker- Barred From Securities Industry- Boca Raton – FL

February 2020- Boca Raton, FL

According to publicly available records  Michael B. Ralby (CRD#1301072), a stockbroker who formerly was registered with Morgan Stanley Smith Barney, disclose a regulatory event, 3 pending customer disputes and 6 prior customer disputes.

The Financial 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 require to disclose certain financial matters such as personal bankruptcies, judgments and liens.

In March of 2018  Ralby was permanently barred from the securities industry after  he refused to appear for a FINRA on-the-record testimony in connection with its investigation into whether Ralby had accepted loans from a customer in violation of FINRA rules.

In 9/2014, a customer of Above the Line Consulting, LLC alleged civil conspiracy and willful statutory violation of Florida statutes .    The case was filed in Miami Dade County, Florida in the Circuit Court of the 11th Judicial Circuit, and resulted in judgment to the customer of $2.2 million.

In July of 2018 a Morgan Stanley Smith Barney customer alleged unsuitability with respect to purchase of structured products.    The case was settled for $13,604.

In January of 2017 a Morgan Stanley Smith Barney customer alleged unauthorized trading and the case settled for $35,450.

In April of 2009,  a Stanford Group Company customer alleged being misled regarding the risk level of his purchase of the Stanford International Bank CD.    He submitted to complaints to FINRA – one alleging compensatory Damages of $587.698 and the other for $140,721.   This case is still pending.

Michael Ralby worked for  Oppenheimer & Co. from March 2009 until July 2013 when he went to work with Morgan Stanley Smith Barney from July 2013 until January 2018.

If you have questions about an investment account handled by Michael Ralby, contact us for a no charge consultation to learn about your legal 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

Thomas Meier – Former Morgan Stanley Broker- Discloses 14 Customer Disputes- Miami, FL

January 2020 – Miami, FL

According to publicly available records Thomas Alan Meier  (CRD#1146044) ,  a  former stockbroker who was last registered with Morgan Stanley disclose a Regulatory Event and 14 prior customer disputes.

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.

Thomas Meier Barred From Securities Industry

In March of 2018, without admitting or denying the findings, Meier consented to the entry findings that he effected approximately 1,290 unauthorized transactions, including both purchases and sales of equity securities, in eight accounts belonging to six customers.    Meier did not have discussions with the customers about the trades prior to the transactions and did not obtain the customers’ authorization prior to executing any of the transactions.

Meier received approximately $265,000 in commissions for those transactions.   One of the customers realized a loss of approximately $120,000 and another realized a net loss of approximately $520,000.      Meier has been permanently barred from the securities industry as a result of these findings.

Numerous Settlements with Customers, Including: 

In December 2016 , two  Morgan Stanley customers alleged that Meier over concentrated their accounts in energy investments.   One case was settled for $80,000 and the other was settled for $65,000.

In January of 2017, a customer with Morgan Stanley alleged breach of fiduciary duty and negligence with regard to the handling of their accounts.    The case was settled for $450,000.

In December  2016, a Morgan Stanley customer alleged damages of $1,000,000 after Meier made unsuitable recommendations and traded the account to generate commissions.    The case was settled for $250,000.

In August 2016, a Morgan Stanley customer alleged breach of fiduciary duty and negligence with regard to the handling of their account.   The case was settled for $300,000.

In September of 2016, a Morgan Stanley customer alleged that Financial Advisor placed unauthorized trades and excessively traded her account between 2012-2016.   Her case settled for $366,577.

In March of 2016, another Morgan Stanley customer alleged misrepresentation related to their investments and liquidity from 2013-2016.   Their case settled for $497,245.

Other cases filed from March 2016 until October of 2016 by Morgan Stanley customers alleging, inter alia, “unauthorized trading, risky investments, breach of fiduciary duty, negligence, unsuitability, excessive trading and misrepresentation” were settled for the amounts of:  $49,999, $37,610, $60,000, $90,000, $40,580, $50,000 and $215,000.

Thomas Meier worked for Morgan Stanley from 6/2009-4/2016.

If you have questions about an investment account handled by Thomas Meier, contact us for a no charge consultation to learn about your legal 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