FINRA Further Sanctions Phillip Schreiner

Broker Phillip Schreiner Fails To Comply With FINRA

Soreide Law Group is investigating potential investor claims against broker Phillip Schreiner (CRD#: 4742497, San Antonio, Texas). Notably, Financial Industry Regulatory Authority (“FINRA”) issued another sanction to the broker, this time for allegedly failing to pay an arbitration award or prove his compliance therewith. Evidently, this comes after FINRA barred Schreiner and a client filed a dispute about him. Here is a brief summary of the allegations against the barred broker:

FINRA Issues Suspension To Phillip Schreiner

First of all, on January 10, 2019, FINRA issued FINRA Case #: 18-02122 sanctioning Phillip Schreiner for failure to comply with an arbitration award or failure to report his compliance. Apparently, FINRA suspended him in all capacities from maintaining an association with any FINRA member.

FINRA Bars Schreiner Because He Failed To Respond To Request

Secondly, FINRA barred Phillip Schreiner on October 9, 2018. Allegedly, Schreiner did not reply to FINRA's Request for Information. It is possible that FINRA wanted information about why Morgan Stanley discharged him a few months prior. Notably, FINRA’s bar of Schreiner is indefinite.

Morgan Stanley Smith Barney Disaffiliates With Phillip Schreiner

Thirdly, Phillip Schreiner maintained an association with Morgan Stanley Smith Barney from 2011 to 2018. Notably, on April 18, 2018, Morgan Stanley disaffiliated with him citing allegations of his failure to disclose his outside business activities connected to real estate. Also, Morgan Stanley indicated that Schreiner possibly borrowed from a client without paying the client back.

Schreiner Allegedly Misrepresents Stocks Sold To Morgan Stanley Client

Finally, a client of Morgan Stanley contested Phillip Schreiner’s actions by making a complaint on November 14, 2017. Allegedly, Schreiner falsified investment information or misled the client about securities transactions. Supposedly, the common stocks or preferred stocks that Schreiner recommended had caused the client to sustain losses. Consequently, the client made a claim for compensatory damages from Morgan Stanley or Schreiner. It appears that this matter is awaiting a resolution.

Did Morgan Stanley’s Phillip Schreiner Sell You Bad Investments?

Have you experienced losses by investing with Phillip Schreiner? If you have, contact Soreide Law Group at (888) 760-6552 and speak with experienced counsel concerning a potential recovery of your investment losses. Soreide Law Group provides representation to clients on a contingency fee basis and advances costs. The law firm has recovered millions of dollars for clients who have experienced losses due to misconduct of securities firms and brokers like Schreiner.