On August 2, 2021, a three-person Financial Industry Regulatory Authority (FINRA) arbitration panel ruled in favor of an investor who accused Morgan Stanley & Co. of unauthorized trading in Apple stock. FINRA ordered Morgan Stanley to pay back her taxes, brokerage fees and more.
FINRA arbitrators ordered Morgan Stanley & Co. to pay $640,747 to the investor for selling her Apple stock without her consent. According to the FINRA arbitration panel, they ordered Morgan Stanley to pay $482,000 in compensatory damages, $25,000 in brokerage fees, and more than $83,000 in federal and state taxes, as well as $45,000 in attorneys’ fees, around $1,850 in costs, $5,000 in expert fees and the $375 non-refundable part of the filing fee paid to FINRA’s Dispute Resolution Services.
According to the FINRA claim, in October of 2020, the client, along with Oak Trail Associates and Oak Trail II, filed a FINRA arbitration claim against Morgan Stanley & Co.. They accused Morgan Stanley of alleged unauthorized trading, breach of contract, conversion, breach of duty of loyalty and unjust enrichment. This was all related to the Apple stock, according to the FINRA arbitration award.
In an article for InvestmentNews, it was stated that the investor is a retiree in her late 70s, had held the Apple stock for a long time and did not intend to sell it. She had allegedly put a no-trade restriction on the stock, but it was then sold around March of 2019. Morgan Stanley & Co. allegedly acknowledged the shares were sold without the investor’s authorization, according to the article.
According to the FINRA award, Morgan Stanley & Co. denied the allegations and asked that the claim be dismissed.
If you or an elderly family member have suffered investment losses due to the actions of Morgan Stanley & Co., or any other broker/dealer, contact Soreide Law Group and speak to an experienced securities lawyer at no cost regarding the possible recovery of your financial losses through a FINRA arbitration at: 888-760-6552.
Soreide Law Group works on a contingency fee basis, no fee to you if no recovery, and represents our clients nationwide before FINRA.
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