FINRA Hands Out Fines to Morgan Stanley, UBS
FINRA has ordered Morgan Stanley to pay $2.3 million to investors for failing to properly oversee its brokers, resulting in the mismanagement of investor accounts. According to investors, Morgan Stanley’s stockbrokers also engaged in misconduct while handling their investments.
The case against Morgan Stanley went to arbitration, with several of its brokers being named in the suit. One of the brokers, Steven Mark Wyatt, has reportedly been a part of four cases, two of which have been resolved with no admission of liability. Although he no longer works with the company, two others who were named in the lawsuit are believed to still be a part of Morgan Stanley.
FINRA also recently levied a fine against UBS Financial Services to the tune of $2.5 million. The couple that brought suit claimed UBS was guilty of misconduct in selling Puerto Rico bonds and using a credit line to make further purchases of UBS bond funds.
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If you believe your broker or brokerage firm has committed misconduct and you have suffered investment losses as a result, you may have certain legal rights that require your immediate attention. Contact an experienced Los Angeles stockbroker attorney today for a consultation regarding your rights.