Morgan Stanley has been ordered to pay $2.4 million to investors due allegations of unauthorized and excessive trading on client accounts. The investors included a group of physicians and their family members. All were clients of former Morgan Stanley broker Steven Mark Wyatt.
Wyatt allegedly sold clients stocks that he himself owed, in addition to loading their portfolios with speculative exchange traded funds and other risky securities.
According to InvestmentNews. Wyatt has been repeatedly accused of mishandling investments. Four other case involving Wyatt have been settled or resolved. Two other Morgan Stanley employees were named in the case. Branch manager Fred E. Brister III and broker Hilary Zimmerman.
Brokerage firms are required to properly supervise their employees and to ensure that they are complying with industry rules and standards. When they fail to do so, the firms can be liable for investment losses.
Recovery of Investment Losses
The foregoing information, which is all publicly available, is being provided by The White Law Group. The White Law Group is a national securities arbitration, securities fraud, and investor protection law firm with offices in Chicago, Illinois and Vero Beach, Florida.
The White Law Group is a national securities arbitration, securities fraud, and investor protection law firm with offices in Chicago, Illinois and Vero Beach, Florida.
For more information on The White Law Group, visit www.whitesecuritieslaw.com. or call for a free consultation call 888-637-5510.Tags: broker churning, Chicago broker fraud attorney, Chicago churning attorney, Chicago FINRA attorney, Chicago investment fraud attorney, Chicago securities attorney, Chicago securities lawyer, churning turnover ratio, Excessive brokerage fees, Excessive buying and selling securities, excessive financial advisor commissions, excessive financial advisor fees, Excessive stockbroker commissions, Excessive stockbroker fees, financial advisor account churning, financial advisor Churn & burn, financial advisor churning attorney, financial advisor churning lawyer, financial advisor Excessive commissions, Financial advisor Excessive fees, financial advisor Excessive transactions, Financial advisor frequent trades, Florida churning attorney, Florida churning lawyer, Fred E. Brister III complaint, Fred E. Brister III lawsuit, Frequent broker commissions, Frequent brokerage fees, Hilary Zimmerman complaint, Hilary Zimmerman lawsuit, how much trading is too much, Illinois churning attorney, Illinois churning lawyer, investment advisor account churning, investment advisor churn and burn, investment advisor excessive commissions, investment advisor excessive fees, investment advisor excessive transactions, investment advisor frequent trades, Morgan Stanley complaint, Morgan Stanley lawsuit, Morgan Stanley settlement, Steven Mark Wyatt allegations, Steven Mark Wyatt complaint, Steven Mark Wyatt investigation, Steven Mark Wyatt investment losses, Steven Mark Wyatt lawsuit, Steven Mark Wyatt review, Steven Mark Wyatt settlement, Steven Mark Wyatt termination, stockbroker Account churning, stockbroker churning and burn, stockbroker churning attorney, stockbroker churning lawyer, stockbroker excessive commissions, stockbroker excessive fees, stockbroker excessive transactions, Stockbroker frequent trades, Vero Beach investment fraud attorney, Vero Beach securities attorney, Vero Beach securities lawyer, what is churning, what is excessive trading, what turnover ratio is considered churning Last modified: March 17, 2017