Suitability Claims Lodged Against Morgan Stanley Broker James E. Brooks

James E. Brooks (CRD#: 31604, Boca Raton, Florida) is a prior financial advisor of Morgan Stanley. The Financial Industry Regulatory Authority (“FINRA”) BrokerCheck Report for Brooks shows that Brooks’ sales practices have been contested by at least four investors through their filing of investment-related complaints and arbitrations. A summary of those disputes involving James E. Brooks have been summarized below:

May 24, 2017 Arbitration Involving James E. Brooks


Several customers of Morgan Stanley Smith Barney filed FINRA Arbitration #17-01346 on May 24, 2017. They alleged Brooks made unsuitable trades in the customers’ In-House Money manager accounts. Morgan Stanley indicated that the customers raised other allegations; however, they did not reveal what those allegations were. As a result of the customers’ allegations of unsuitability, Morgan Stanley agreed to pay them $100,000.00. The Arbitration was settled on April 9, 2018.

June 2, 2008 Complaint About James E. Brooks


A Morgan Stanley customer filed a complaint about Brooks on June 2, 2008. Allegedly, Brooks portrayed auction rate securities as being liquid investments. This apparently induced the customer to invest in the securities. It turns out that those products were not liquid as Brooks represented. Morgan Stanley indicated that the customer’s damages exceeded $5,000.00, but claimed that the customer did not specify an amount. The matter was not pursued by the customer after January 14, 2009.

March 7, 2006 Complaint Referencing James E. Brooks


On March 7, 2006, a Morgan Stanley Dean Witter Inc. customer’s attorney brought a complaint to the firm’s attention. According to the customer, Brooks misrepresented information about Collins & Aikman shares, causing the customer to purchase the investments. Because of this, the customer sustained losses. Therefore, the customer alleged $11,000.00 in damages. Although the customer’s allegations may be true, Morgan Stanley Dean Witter denied the complaint on November 13, 2006. The customer had not pursued it further.

February 8, 2001 Complaint Involving James E. Brooks


A customer of Morgan Stanley Dean Witter lodged a complaint on February 8, 2001. This complaint concerned Brooks’ alleged erroneous guarantees regarding a customer’s investment performance. In particular, Brooks apparently guaranteed the rate of return on the customer’s high yield corporate bond fund investment. Additionally, Brooks supposedly failed to disclose the corporate bond fund’s risks when the customer purchased the investment. Because of this, on March 16, 2001, Morgan Stanley agreed to pay the customer $7,500.00 to settle the claims of misrepresentation.

Brooks worked for Morgan Stanley Dean Witter Inc. (CRD #: 7556) between May 5, 1994 and December 5, 2006. He then worked for Citigroup Global Markets Inc. (CRD#: 7059) from November 24, 2006 to June 1, 2009. Brooks joined Morgan Stanley (CRD#: 149777) between June 1, 2009 and January 13, 2016. All of those firms are located in Boca Raton, Florida.

Investment Losses From James E. Brooks?

Lars Soreide Highest Ethical Standard Award 2018

Lars Soreide Highest Ethical Standard Award 2018

If you have experienced losses from James E. Brooks or another registered representative who made false or misleading statements about securities that you purchased, contact Soreide Law Group at (888) 760-6552 and speak with our qualified counsel about a possible recovery of your losses. Soreide Law Group represents clients nationwide and only charges a fee upon recovery of losses.