Financial Industry Regulatory Authority (FINRA) BrokerCheck reveals disclosures about securities broker Ayad Beshara Saad (CRD#: 1912377, Melbourne, Florida). Saad previously worked at Morgan Stanley from March 2013 to December 2023.
Recent disclosures highlight concerns regarding Saad’s professional conduct, including allegations of misrepresentation, unauthorized transactions, and employment terminations. Learn more about these disclosures below.
On December 4, 2023, a client of Morgan Stanley alleged that Saad improperly maintained a position in Apple stock within a managed account, despite the client’s known intent not to sell. The complaint claimed that management fees were incurred unnecessarily. The firm settled the dispute for $28,000.
Previously, on September 30, 2013, a client of Edward Jones alleged misrepresentation regarding the purchase of Invesco Unit Investment Trusts (UITs) in December 2011. The client requested a return of the original investment. Edward Jones settled the matter for $5,356.95. Saad stated that this settlement was made without his knowledge or approval.
On November 23, 2021, a Morgan Stanley client alleged that a variable annuity purchase was misrepresented. The claim was denied with no compensation awarded.
On November 5, 2013, a client alleged that the sale of Geron Corporation (GERN) stock on July 30, 2013, was unauthorized. Morgan Stanley Smith Barney denied the claim, determining it was without merit.
Particularly, on April 10, 2013, a client of Edward Jones claimed that Saad failed to advise them on the tax ramifications of an annuity liquidation, which resulted in a $12,000 tax burden. The complaint was denied after documents allegedly showed that the client and their family had been informed of potential tax consequences.
Specifically, on December 4, 2023, Morgan Stanley discharged Saad, alleging that he provided inconsistent information during an internal review.
Previously, on February 20, 2013, Edward Jones terminated Saad’s employment, citing that he provided inaccurate information regarding an income rider on a single variable annuity contract and the contract's delivery location.
Looking for more information about Ayad Saad? If so, reach out to Soreide Law Group online or at (888) 760-6552 to consult with a securities lawyer. Soreide Law Group works on a contingency basis and advances all costs. Also, the firm is known for helping clients throughout the United States with recovering losses from sales practice misconduct. Saad and the firms he worked for deny accusations of sales practice violations.
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