FINRA BrokerCheck shows that investors have potentially suffered losses due to Eric Brian Kleiner [CRD#: 4135180, New York, NY]. Since September 9, 2016, Kleiner has been affiliated with Morgan Stanley. However, his professional history also includes positions at Wells Fargo Advisors LLC and Wachovia Securities LLC. This article highlights some of the investor disputes disclosed by the securities broker at those firms.
A client of Morgan Stanley raised concerns about the investment advice provided by Eric Kleiner. Specifically, the complaint, filed on July 13, 2023, alleges that in 2021, Kleiner advised the client to invest in cannabis securities. This was supposedly unsuitable given the client's age and investment profile. The exchange-traded funds (ETFs) reportedly led to losses for the client, prompting a claim for compensatory damages amounting to $300,000 against Morgan Stanley or Kleiner directly.
According to FINRA Arbitration No. 09-03489, the Wells Fargo client alleged omissions and misrepresentations, unsuitable investment recommendations, breach of fiduciary duty, negligence, and breach of contract. As a result, the investor reportedly faced damages linked to investments in mutual funds. Therefore, in 2010, a FINRA Arbitration Panel mandated that Wells Fargo Advisors compensate the investor with $90,000 in damages.
In another incident dated June 25, 2008, a client of Wachovia Securities LLC expressed concerns regarding Eric Kleiner's management of their investments. The dispute centered around the client's apprehension over the tax implications following the sale of certain stocks. The client also expressed concerns about fees and commissions related to the sale of over-the-counter equities, stocks, and mutual funds. For this reason, the client requested compensation of $7,500 from Wachovia Securities LLC or Kleiner. However, the firm denied this dispute.
Investors who have incurred losses potentially due to the actions of Eric Brian Kleiner are encouraged to consider their legal options. Soreide Law Group, with a strong track record of recovering losses for investors nationwide, stands ready to assist. The firm operates on a contingency fee basis and advances all costs, ensuring that clients can pursue justice without upfront financial burdens. To discuss the possibility of recovering your investment losses, please reach out to Soreide Law Group either online or by calling (888) 760-6552. Kleiner and the brokerage firms he worked for deny allegations related to sales practice violations.
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