FINRA Issues Suspension, Fine To MSSB Broker Kerry Moy

The Financial Industry Regulatory Authority (FINRA) contains new disclosures regarding securities broker Kerry M. Moy (CRD#: 1295255, Los Angeles, California). Evidently, Moy worked for Merrill Lynch (1984 to 2012) and Morgan Stanley (2012 to 2019). Five investors filed disputes about the broker, Morgan Stanley discharged him, and FINRA sanctioned him. Here’s more on these disclosures.

FINRA Sanctions Kerry Moy

Specifically, FINRA had Kerry Moy serve a two-month suspension as a stockbroker and pay a $5,000 fine in 2021 to resolve allegations that he submitted inaccurate expense reports for reimbursement in violation of FINRA rules. Notably, Morgan Stanley discharged him in May 2019 for this reason. However, the securities firm also noted that he submitted incomplete and inaccurate information concerning outside business activities.

Morgan Stanley Smith Barney Client Alleges Misrepresentation

Notably, an investor came forward in December 2018 with allegations against Kerry Moy. The investor filed a lawsuit in Los Angeles Superior Court alleging Moy’s misrepresentation from 2015 to 2018. Supposedly, the broker worked for Morgan Stanley Smith Barney at the time of this alleged sales practice violation. It appears that the client is asking for $14,000,000 to resolve this ongoing matter.

Merrill Lynch Client Alleges Unsuitable Recommendations By Kerry Moy

Also, a client of Merrill Lynch complained about Kerry Moy’s recommendations of equities. In the 2007 FINRA Arbitration Claim, the client alleges that the financial advisor gave unsuitable advice on stock and over-the-counter equities trades. In addition, Moy allegedly misrepresented returns relating to the client’s investment portfolio. For this reason, Merrill Lynch settled this matter by making a $350,000 payment to the client.

Prior Disputes From Merrill Lynch Clients Allege Unsuitability

It seems that two other Merrill Lynch investors alleged unsuitability in disputes about Kerry Moy; however, the firm denied those disputes. Another dispute alleged that Moy did not discuss strategies to protect the client’s Merrill Lynch account. For this reason, the client received a $16,500 payment to settle the matter.

Did You Face Financial Harm Because Of Moy?

Did securities broker Kerry Moy cause you to suffer losses? If so, call Soreide Law Group at (888) 760-6552 and speak with a skilled securities lawyer regarding a possible recovery of your losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The firm has helped many United States investors recover compensation after incurring losses because of their financial advisors and securities brokers. Please note that Moy denies all allegations of his sales practice violations.Lars Soreide AVVO 2020 Top Lawyer

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