oreide Law Group Investigating DAVID BINDELGLASS
Soreide Law Group is reviewing possible claims of unsuitability against Morgan Stanley securities broker David Bindelglass (CRD#: 3201389, Paramus, New Jersey). Morgan Stanley disaffiliated with Bindelglass for unauthorized transactions and inappropriate recommendations. Also, clients brought six disputes contesting Bindelglass’ sales practices. Here’s a summary of some of the recent claims which suggest Bindelglass sold bad investments.
Morgan Stanley Clients File Complaints Indicating David Bindelglass Sold Unsuitable Puerto Rico Bonds
It appears that Morgan Stanley clients took issue with Bindelglass’ recommendations of municipal debt investments. Namely, clients filed disputes between December 2017 and October 2018 arguing that the Puerto Rico bond sales were unsuitable. Supposedly, the investments were too risky for the clients. It appears that the Puerto Rico municipal debt investments seemingly declined greatly in value prompting the clients’ push for compensatory relief. Eventually, Morgan Stanley agreed to pay the clients more than $125,000 to resolve the matter.
Client Paid $750,000 After Filing Arbitration Claim About Bad Municipal Debt Investments
Evidently, a client of Morgan Stanley brought FINRA Arbitration #: 16-00861 on August 28, 2017. Allegedly, Bindelglass made unsuitable municipal debt trades. Not only that, but Bindelglass supposedly misrepresented the investments at the time of sale. Apparently, the client held inappropriate investments between 2008 and 2015. All things considered, Morgan Stanley opted to settle this matter August 28, 2017 by compensating the client to the tune of $750,000.
Morgan Stanley Ordered To Pay Client Award For Negligent Puerto Rico Bond Sales Seemingly Effected By David Bindelglass
Evidently, FINRA Arbitration #14-01573 resulted in an Award of $95,632.90 for a Morgan Stanley client. It appears that Bindelglass gave the client bad investment recommendations about investments he did not fully explain. This caused the client to purchase investments that the client would not have if informed about risks and other drawbacks. Notably, the Panel found for the client on claims against Morgan Stanley for breach of contract and negligent supervision of Bindelglass. Moreover, the Panel specifically denied Bindelglass’ request for this Award to be stricken from his record.
Have you experienced losses by investing with securities broker David Bindelglass? If so, contact Soreide Law Group at (888) 760-6552 and speak with experienced counsel about a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The law firm has recovered millions of dollars for clients who have suffered losses due to misconduct of brokers and brokerage firms.