Morgan Stanley Disaffiliates With Securities Broker Robert Mitchell Following Client Disputes

Soreide Law Group has important information to share with you regarding securities broker Robert Lynn Mitchell (CRD#: 1523211, Frisco, Texas). Namely, Morgan Stanley, who employed Mitchell from June 2009 to February 2021, disaffiliated with him for alleged outside business activities. Not only that, but FINRA BrokerCheck shows that four investors filed disputes about Mitchell. Let’s take a closer look at these disputes, including what you could do if you experienced losses.

Morgan Stanley Disaffiliates With Robert Mitchell

First of all, in February 2021, Morgan Stanley Wealth Management discharged Robert Mitchell as a securities broker. According to Morgan Stanley, its decision concerned Mitchell’s involvement in an outside business activity. Basically, when a securities broker wants to engage in certain outside business activities, they have to tell their employer. When they don’t tell their employer about it, this is typically known as an undisclosed outside business activity and potential FINRA rule violation.

Client Of Morgan Stanley Alleges That Mitchell Solicited Outside Investment Opportunities

Evidently, a client of Morgan Stanley Smith Barney brought a lawsuit in Texas about Robert Mitchell. Namely, in this February 2020 lawsuit, the client contended that Mitchell solicited outside investment opportunities. Supposedly, Mitchell did not have authorization from Morgan Stanley to engage in these activities. It seems that the client experienced losses because of this. For this reason, Morgan Stanley agreed to settle this matter by making a $78,000 payment to the client in July 2020.

Robert Mitchell Accused By MSSB Client Of Failing To Follow Instructions

Additionally, an MSSB client took issue with Robert Mitchell’s decisions in a managed account. As alleged in this May 2018 dispute, Mitchell was supposed to follow investment guidelines but did not. Supposedly, this caused the client to experience losses from January 2017 to May 2018 in their managed account. However, MSSB denied this dispute.

Client Of Morgan Stanley Alleges Unsuitable investment Recommendations

Moreover, a client of Morgan Stanley Smith Barney disputed Robert Mitchell’s sales practices by bringing a March 2015 FINRA Arbitration Claim. Namely, the client argued that Mitchell made an unsuitable recommendation concerning the liquidation of municipal bonds and the resulting purchase of a variable annuity. Supposedly, the client experienced $450,000 in damages. Evidently, the securities firm denied this client’s dispute.

PSI Client Alleges Unsuitability In Dispute About Robert Mitchell

Prior to working for Morgan Stanley, Robert Mitchell worked for Prudential Securities Incorporated (PSI). It appears that a client of that firm also expressed concern about Mitchell’s bond sales. Particularly, they alleged that Mitchell caused them losses on unsuitable bonds. Because of this, the client asked for $19,000 in compensation. However, PSI denied this suitability dispute.

Losses By Investing Through Securities Broker Robert Mitchell?

Apparently, Robert Mitchell denies any and all allegations of sales practice violations. Have you experienced investment losses because of him? If so, reach out to Soreide Law Group at (888) 760-6552 and speak with experienced counsel concerning a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The law firm has recovered compensation for many US clients who have experienced losses because of their securities brokers and financial advisors.

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