First Lawsuit filed against Morgan Stanley in connection with Shawn Good’s Alleged Ponzi scheme
According to Financial Advisor IQ on June 8, 2022, Morgan Stanley is facing at least one lawsuit involving Shawn Good, one of its former financial advisors accused of running a multi-year Ponzi scheme.
As we reported in April, the SEC filed a complaint against Shawn Good of Wilmington, North Carolina, for allegations of defrauding his clients at Morgan Stanley of at least $4.8 million to pay for his own personal expenses including a Tesla car payment, $800,000 in credit card bills and cash transfers using Venmo. (See: Financial Advisor Shawn Good, Morgan Stanley, Barred after Allegations of Running Ponzi Scheme)
The first arbitration claim has reportedly been filed against Morgan Stanley in South Carolina involving an elderly investor who allegedly had $400,000 stolen from what she thought was a real estate investment, according to the article.
The lawsuit is reportedly seeking the return of the allegedly misappropriated funds, plus interest, and lawyers’ fees, according to the article. Good’s broker report indicates that a customer dispute was filed on April 30, 2022.
Shawn Good (CRD # 2022168) was reportedly registered with the following FINRA registered firms, among others during his career in the securities industry:
12/06/2012 – 03/10/2022, MORGAN STANLEY (CRD#:149777), WILMINGTON, NC,
11/09/2004 – 12/07/2012, WELLS FARGO ADVISORS, LLC (CRD#:19616), WILMINGTON, NC
05/22/1996 – 08/11/2004, CHARLES SCHWAB & CO., INC. (CRD#:5393), SAN FRANCISCO, CA
Recovery of Investment Losses through FINRA Arbitration
When brokers and registered investment advisors violate securities laws, such as churning accounts or making unsuitable investment recommendations, 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.
The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Seattle, Washington. We represent investors in all 50 states including North Carolina. Our attorneys have recovered millions of dollars from many brokerage firms in the past.
If you are concerned about your investments with Shawn Good and Morgan Stanley, please call the securities fraud attorneys at The White Law Group at 888-637-5510 for a free consultation.
For more information on The White Law Group, and its representation of investors, please visit www.WhiteSecuritiesLaw.com.
Tags: Morgan Stanley lawsuit, Shawn Good complaints, Shawn Good fraud scheme, Shawn Good investigation, Shawn Good investment losses, Shawn Good lawsuit, Shawn Good Morgan Stanley, Shawn Good Ponzi, Shawn Good Wilmington NC Last modified: December 6, 2022