Customer Lawsuits Allege Broker Michael Paesano Excessively Traded Accounts
According to his FINRA broker record, former Morgan Stanley broker Michael Paesano (CRD#: 1557229) of New York, NY reportedly has 24 customer complaints filed against him, with 3 pending from 2020. The pending complaints allege “Excessive trading with respect to investments – July 2014 to December 2016.”
Paesano was purportedly discharged in 2017 over alleged “concerns” regarding his “exercise of discretion and investment strategy,” according to a U5 termination form filed with the Financial Industry Regulatory Authority.
According to Paesano’s BrokerCheck record, he was reportedly affiliated with Morgan Stanley in New York, NY from 2011 until 2017.
The White Law Group continues to investigate potential securities claims involving Michael Paesano and the liability his former employers may have for failure to supervise him.
Brokerage firms are required to adequately supervise their agents. They must ensure they are complying with FINRA rules. The firms can be held responsible for any losses in a FINRA arbitration claim if it is determined that they failed to properly supervise their agent.
For more information on the firm’s investigation please see:
Morgan Stanley Discharges NYC Broker Michael Paesano
Potential Lawsuits to Recover Financial Losses
If you suffered losses investing with Michael Paesano, the attorneys at The White Law Group may be able to help you by filing a FINRA Arbitration claim against his employers. For a free consultation, with a securities attorney please call (888) 637-5510.
The foregoing information, which is all publicly available, is being provided by The White Law Group.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois.
Tags: Michael Paesano allegations, Michael Paesano class action, Michael Paesano complaints, Michael Paesano discharged, Michael Paesano excessive trades, Michael Paesano investment losses, Michael Paesano lawsuit, Michael Paesano Morgan Stanley, Michael Paesano NY NY, Michael Paesano SEC, Michael Paesano securities fraud attorney Last modified: July 28, 2021