Herbert Hafen Broker Investigation 

Herbert Hafen, Morgan Stanley – Allegedly Barred from Securities Industry

Have you suffered losses investing with former financial advisor Herbert Hafen? If so, the securities attorneys at The White Law Group may be able to help you to recover your losses through FINRA arbitration.

The Financial Industry Regulatory Authority (FINRA) reportedly suspended former New York financial advisor Hebert Hafen in October 2018 after a customer purportedly filed a lawsuit alleging that he “misappropriated client’s funds – July 2011 – January 2018.” The damage amount requested was reportedly $675,000, and the case settled for $430,000, according to FINRA.

According to Hafen’s FINRA BrokerCheck report, he was reportedly registered with Morgan Stanley in New York, New York from June 2009 through April 2018. He then briefly worked for Wells Fargo Clearing Services in New York, NY until he was allegedly dismissed in September 2018 after he “admitted to entering into financial arrangements with clients that were not approved by the firm.”

FINRA reportedly barred Hafen on February 1, 2019, after he allegedly failed to request termination of his suspension within three months of the date of the Notice of Suspension.

 Securities Fraud Lawsuits

The White Law Group is investigating potential securities claims regarding the liability that his former employers may have for failure to properly supervise Hafen’s alleged activities.

When brokers abuse client accounts and conduct transactions that violate securities laws, such as churning, the brokerage firm they are working with may be liable for investment losses through FINRA Arbitration.

Brokerage firms that fail to monitor the business activities of their employees may be liable for investment losses due to negligent supervision for the misconduct of their employees.

If you suffered losses investing with Herbert Hafen, the securities fraud attorneys of The White Law Group may be able to help. For a free consultation with a securities attorney, please call 888-637-5510.

The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois.

For more information on The White Law Group, visit www.WhiteSecuritiesLaw.com.

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