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Written by 5:18 pm Current Investigations

Morgan Stanley Discharges NYC Broker Michael Paesano

Michael Paesano

NYC Broker Michael Paesano Dismissed

The White Law Group is investigating claims involving NYC broker Michael Paesano.

According to reports, Morgan Stanley Wealth Management dismissed Michael F. Paesano, a high-producing New York City team leader after his client trading activities were reportedly being investigated internally.

Paesano was purportedly discharged in December over alleged “concerns” regarding his “exercise of discretion and investment strategy,” according to a U5 termination form filed with regulators on Friday.

According to Paesano’s BrokerCheck record, Paesano has 15 customer complaints and one tax lien since 2008.

Paesano was allegedly the group’s senior portfolio manager and a member of the firm’s top-tier “Chairman’s Club” in 2012, after making the move from UBS.

Paesano’s team was also allegedly generating $6.4 million in annual fees and commissions when they joined Morgan Stanley in May 2011 from UBS Wealth Management, according to numerous reports. At UBS, the team included 17 brokers who oversaw some $1.3 billion of client assets, according to Morgan Stanley’s webpage.

Morgan Stanley reportedly paid $245,000 to settle the most recent claim against Paesano and another broker.

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.

Free Consultation with a Securities Attorney

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 and Franklin, Tennessee.

Tags: , , , , , , , , , , , Last modified: November 14, 2018