In a recent article from Financial Advisor IQ, it was reported that THOMAS JAMES HAGAN, a broker formerly with Morgan Stanley, has been ordered to return money the firm had paid him in promissory notes. In March of 2021, according to a FINRA award document, Morgan Stanley filed a claim against THOMAS JAMES HAGAN with FINRA alleging Hagan of breach of promissory note related to four fully executed notes from 2015 to 2017.
According to FINRA’s BrokerCheck, in an “Employment Separation After Allegations” on his FINRA CRD report dated January 11, 2021, THOMAS JAMES HAGAN was discharged from MSWM (Morgan Stanley Wealth Management) with allegations of, “Registered representative discharged following allegations that he exercised discretion/failed to confirm all trades with clients.” Hagan has not registered with another firm since his discharge.
According to the award document, Morgan Stanley sought approximately $578,000 in outstanding principal amount on the four notes, plus interest, fees and expenses, lawyers’ fees and any other relief deemed appropriate by the arbitrators.
THOMAS JAMES HAGAN, the Financial Advisor IQ article states, failed to register for FINRA’s dispute resolution portal in response to Morgan Stanley’s claim, which blocked him from submitting pleadings, selecting arbitrators, or receiving notifications about deadlines and other case information.
According to the FINRA document, the arbitrator ruled in Morgan Stanley’s favor, and ordered THOMAS JAMES HAGAN to pay the entire outstanding principal amount, plus interest, as well as approximately $6,000 in lawyers’ fees, $1,250 non-refundable portion of the firm’s filing fee for arbitration, and $300 paper decision fee.
THOMAS JAMES HAGAN, according to FINRA’s BrokerCheck has been in the securities industry for 36 years and was registered with 4 firms, the most recent listed below:
11/06/2015 – 02/03/2021 MORGAN STANLEY – SARASOTA, FL
05/19/2006 – 11/10/2015 WELLS FARGO ADVISORS, LLC – LAKEWOOD RANCH, FL
If you’ve experienced financial losses due to the actions or recommendations of broker, THOMAS JAMES HAGAN, formerly with Morgan Stanley of Sarasota, Florida, contact the Florida-based Soreide Law Group and speak to an experienced securities lawyer at no cost regarding the possible recovery of your investment losses through a FINRA arbitration at: 888-760-6552.
Soreide Law Group works on a contingency fee basis, and represents our clients nationwide before FINRA.