The Financial Industry Regulatory Authority (“FINRA”) reports alarming allegations of misconduct by securities broker Ian M. Deliz Morales (CRD#: 4697350, Tampa, Florida). Namely, an astounding 28 clients have filed lawsuits or complaints about the securities broker, who worked for Morgan Stanley in Tampa, Florida between July 2014 and October 2016. Namely, these investor disputes suggest that Deliz traded unsuitable securities including Puerto Rico bonds and closed end funds. Here’s more on those disputes and what you could do if you invested with the securities broker.
Evidently, a client of Morgan Stanley Smith Barney brought a dispute about Ian Deliz on May 18, 2020. Mainly, the client suggested that Deliz sold bad Puerto Rico municipal bonds. It seems that Deliz failed to consider the client’s risk tolerance, investment objectives or some other aspect of the client’s investment profile when he advised the client to purchase the investments. The client purportedly invested in bad securities between August 2014 and May 2020. For this reason, the client demanded that Morgan Stanley or Deliz provide compensation. This matter awaits a resolution.
Apparently, Ian Deliz made unsuitable Puerto Rico municipal bond trades according to a claim filed by a second Morgan Stanley client. Specifically, the client filed FINRA Arbitration Claim #: 19-02923 on September 27, 2019. It seems that the client’s principal concern was Deliz’s purportedly unsuitable trading from August 2014 to September 2019. Supposedly, Deliz did not invest the client in securities that matched up with the client’s investment profile. For this reason, the client demanded $750,000 in damages in this pending matter.
Moreover, a Popular Securities client brought FINRA Arbitration Claim #: 19-02347. Mainly, like the Morgan Stanley clients had alleged, this Popular Securities client indicated that investments in Puerto Rico securities did not make sense because of the risks. Namely, the client indicated that Ian Deliz knew or was cognizant that Puerto Rico’s financial condition was on shaky grounds, but he recommended the investments anyway. It appears that the government bonds and closed end funds that Deliz recommended had caused the client to experience losses. Because of this, the client seeks $525,000 in damages in this ongoing matter.
Moreover, Ian Deliz discloses a Popular Securities client’s claim from January 22, 2019. In this dispute, the client seems to suggest that Deliz made misleading representations with regard to the risks of investments. Not only that, but Deliz supposedly initiated margin trading which might have increased losses. Apparently, Deliz overlooked the client’s “stated” risk tolerance in making recommendations. This resulted in an overconcentration in Puerto Rico bonds. For this reason, the client demanded that Deliz or Popular Securities pay $5,818,315 in damages. Evidently, this matter is awaiting a resolution.
Have you experienced losses by investing with Ian Deliz? If so, reach out to Soreide Law Group at (888) 760-6552 and speak with experienced counsel concerning 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 incurred losses due to misconduct of securities brokers and financial advisors.
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