Soreide Law Group comes to you with new information regarding securities broker Michael Edward Rulison (CRD#: 407131, Syracuse, New York). Evidently, Rulison worked for securities firms RBC Dain Rauscher, Citigroup Global Markets, and Morgan Stanley. In fact, he joined Morgan Stanley in 2009 as a securities broker. Last year, he joined Morgan Stanley as an investment adviser representative. Five investors alleged some form of misconduct at Citigroup Global Markets or Morgan Stanley. Here’s more on these disclosures.
Evidently, a client of Morgan Stanley Smith Barney brought a dispute in August 2020 about Rulison’s sales practices. It appears that Rulison’s unauthorized trading occurred in the client’s Morgan Stanley fee-based account and concerned bonds and stocks, which the client purportedly did not agree to. However, Morgan Stanley denied the client’s dispute in September 2020
Evidently, a client of Morgan Stanley brought a dispute about Michael Rulison’s trading of stocks. Mainly, the client alleged that Rulison engaged in unauthorized trading concerning purchases on margin in April-August 2018. Morgan Stanley opted to resolve this matter by making a $18,011.29 payment to the client according to a September 2018 settlement.
A client of Citigroup Global Markets disputed Michael Rulison’s sales practices. First of all, the client contends that Rulison made unsuitable stock trades. Secondly, the client alleges that Rulison did not have the authorization to make the transactions. To resolve the unsuitability and unauthorized trading allegations, Citigroup Global Markets compensated the client in the amount of $1,500,000.
Two other disputes reported on BrokerCheck contain allegations of unauthorized or unsuitable trading. However, those disputes closed without further action by investors. Rulison and the securities firms who employed him deny allegations of misconduct.
Did you suffer losses because of securities broker Michael Rulison? If so, call Soreide Law Group at (888) 760-6552 and speak with a skilled securities lawyer about a potential recovery of your losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The firm has recovered substantial compensation for United States investors who have incurred losses from their financial advisors and securities brokers. Please note that Rulison denies all allegations of his sales practice violations.
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