FINRA Orders Former Morgan Stanley Broker, TIMOTHY THOMAS GIBBONS, to Pay Restitution to 5 Elderly Clients

On November 17, 2017, the Financial Industry Regulatory Authority (FINRA) fined former Morgan Stanley registered representative, TIMOTHY THOMAS GIBBONS (CRD#: 219872), $20,000, suspended him for 18 months, and required him to pay approximately $717,000 in restitution to five elderly clients. Gibbons allegedly over-concentrated the clients’ accounts in a single high-risk energy sector security.

According to FINRA, Gibbons allegedly recommended the five clients invest 65% to 79% of their account values in a single high-risk energy stock. The clients were between 72 and 90 years of age. FINRA stated that some of TIMOTHY THOMAS GIBBONS’ recommendations were unsuitable for the clients based on their age, risk tolerance, investment objectives and financial circumstances. According to FINRA, the broker’s recommendations resulted in collective realized and unrealized losses of over $960,000 in the five elderly clients’ accounts.

According to FINRA’s BrokerCheck, TIMOTHY THOMAS GIBBONS has 2 Disputes on his report.  TIMOTHY THOMAS GIBBONS had 42 years of experience and was listed with 4 different firms, the most recent listed below:

06/01/2009 – 04/22/2015 MORGAN STANLEY – NEW ORLEANS, LA 

If you, or an elderly family member, were a client of former Morgan Stanley of New Orleans broker, TIMOTHY THOMAS GIBBONS, and you experienced losses due to his actions or recommendations, call Soreide Law Group and speak to an experienced securities lawyer regarding the possible recovery of your investment losses through a FINRA arbitration at:  888-760-6552.

The Financial Industry Regulatory Authority (FINRA) provides a nationwide dispute resolution forum for investors. Claims typically take approximately 8 to 12 months to fully prosecute. Securities arbitrations are complex, and retail customers should hire experienced counsel to represent them because the brokers and brokerage firms will be represented by knowledgeable securities attorneys.

Soreide Law Group represents clients nationally before FINRA.  We operate on a contingency fee basis.  Let our years of experience work for you.

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2017-11-30T20:42:04+00:00 November 30th, 2017|

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