Broker Charles Correal Allegedly Sold Bad Investments
The investment loss recovery attorneys at Soreide Law Group provide you with this Investor Alert in regard to securities broker Charles “Chuck” Ryan Correal (CRD#: 1366202, Pittsburgh, Pennsylvania). Of great concern is the fact that the securities broker, who worked for securities firms Morgan Stanley and Harvest Financial, has been involved in at least 6 investor disputes. These disputes allege sales practice violations by Correal. Critically, investors suggest that Correal was responsible for their losses. The disputes are explained below.
Morgan Stanley Client Indicates That Chuck Correal Sold Unsuitable investments
Evidently, a client of Morgan Stanley Smith Barney filed a lawsuit in September 2020 because of Chuck Correal’s alleged sales practice violations. The September 2020 FINRA Arbitration Claim principally alleges that Correal sold unsuitable investments in 2015. It appears that the client invested in bad stocks because of Correal which led the client to incur losses. For this reason, the client demands compensation in this ongoing matter.
Correal Supposedly Overlooks Suitability For Client’s Morgan Stanley Transactions
Apparently, a second Morgan Stanley client came forward to dispute Chuck Correal’s sales practices. Specifically, the client indicated that Correal caused them to invest in unsuitable stocks from 2009 to 2016. Because of this, Morgan Stanley opted to settle the matter through making a $75,000 payment to the client in a 2018 settlement.
Morgan Stanley Client Indicates That Chuck Correal Misrepresented Structured Products Risks
Also, a third Morgan Stanley client took aim at Chuck Correal in April 2017 for losses on investments. Notably, in an April 2017 dispute, a client alleged that the broker misrepresented the risks of structured products. Not only that, but Correal purportedly invested the client’s account in inappropriate structured products. For this reason, Morgan Stanley paid the client to settle the matter in 2018.
Arbitrator Orders Correal To Compensate Morgan Stanley Client For Sales Practice Violations
Notably, a client of Morgan Stanley brought a FINRA Arbitration Claim in 2017. First of all, the client alleged that Chuck Correal breached a fiduciary duty. Secondly, Correal supposedly violated Pennsylvania Unfair Trade Practices and Consumer Protection Law. Thirdly, the client alleged that the broker committed professional negligence. The lawsuit further alleges breach of contract and failure to supervise on the part of Morgan Stanley. All of these claims concern Correal’s “highly aggressive and reckless” handling of the client’s account.
Second Arbitrator Orders Correal To Pay Client For Sales Practice Violations
Finally, a Morgan Stanley client disputed Chuck Correal’s actions in 2016. Supposedly, Correal had the client invest in Seadrill Inc., Copano Energy LLC, Interoil, and REITs. Those investments were risky and volatile, according to the client. They also indicated that the investments failed to align with their investment goals. Causes of action in this dispute include negligence, suitability, breach of fiduciary duty and more. For this reason, the client received a $110,000 award.
Did You Experience Losses By Investing Through Chuck Correal?
Have you experienced losses because of Chuck Correal? If so, contact Soreide Law Group at (888) 760-6552 and speak with experienced lawyers about a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The firm has recovered millions of dollars for investors who have suffered losses due to the misconduct of financial advisors and securities brokers. FINRA BrokerCheck indicates that Correal denies all allegations of his sales practice violations.