organ Stanley Clients Indicate That Robert David Sold Unsuitable Bonds
Investor Alert! The Financial Industry Regulatory Authority (“FINRA”) reports that between 2019 and 2020, Morgan Stanley investors filed four disputes about securities broker Robert C. David Jr. (CRD#: 5211223, Farmington Hills, Michigan) suggesting that he sold unsuitable, unauthorized and misrepresented investments. Not only that, but Morgan Stanley, who David worked for from 2009 to 2019, disaffiliated with him for unauthorized trading and entering false information on client account profiles. Here’s a summary of some of these disputes.
Robert David Allegedly Misrepresented Bonds
Evidently, a client of Morgan Stanley Smith Barney took aim at Robert David on April 14, 2020 through FINRA Arbitration Action #: 20-01168.. Supposedly, David caused the client to invest in corporate bonds from September 2014 to February 2020 because of misrepresenting facts about the investments. For this reason, the client asked for $183,000 in compensation. Currently, this matter is pending a resolution.
Morgan Stanley Client Complains About Suitability Of David’s Corporate Debt Sales
Apparently, a second Morgan Stanley Smith Barney client came forward on March 14, 2020 with a complaint about Robert David. Significantly, David allegedly invested the client in unsuitable corporate bonds or notes from April 2015 to March 2019. It seems that David could have overlooked the client’s risk tolerance, investment objectives or needs. Evidently, Morgan Stanley opted to settle this matter though making a $35,000 payment to the client on or about March 14, 2020.
Robert David Allegedly Makes Unauthorized Trades In Client’s Account At Morgan Stanley
Notably, BrokerCheck also shows that a client of Morgan Stanley complained about David on May 31, 2019. Supposedly, David made unauthorized trades between October 2010 and May 2019. Apparently, David invested the client in corporate bonds, stocks and mutual funds. It seems that his trading led the client to experience $800,000 in losses. For this reason, the client demanded compensation from the securities broker or Morgan Stanley. This matter is ongoing as of July 8, 2020.
Morgan Stanley Settles Client’s Suitability Claim Regarding David
Also, on May 23, 2019, a Morgan Stanley client disputed David’s sales practices. Specifically, in FINRA Arbitration Action #: 19-01418, the client suggested that David caused the client’s losses through bad corporate bond trades. David supposedly made inappropriate recommendations or had prepared those bond transactions without regard for the client’s investment profile. To settle this matter, Morgan Stanley opted to pay the client $200,000.
Did Securities Broker Robert David Sell You Bad Investments?
Have you experienced losses by investing with securities broker David? 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 brokers and financial advisors.