Morgan Stanley Customers Dispute Broker Vincent Magee’s Sales Practices

Vincent Michael Magee (CRD#: 2720508, Marco Island, Florida) is a past general securities representative of Morgan Stanley. Specifically, at least seven customers of Morgan Stanley and Raymond James & Associates, Inc. (Vincent Magee’s prior employer) complained about Vincent Magee’s sales practices. Take a look at some of the following disclosures Vincent Magee reported on Financial Industry Regulatory Authority (“FINRA”) BrokerCheck concerning alleged unauthorized trading:

January 18, 2018 Complaint Alleging Vincent Magee’s Unauthorized Variable Annuity Sale

 
First, on January 18, 2018, a customer of Morgan Stanley Smith Barney filed a complaint about Vincent Magee’s sales practices. Primarily, the complaint alleges that the customer never authorized Vincent Magee’s August 18, 2017 variable annuity purchase. The customer’s claims of the unauthorized purchase may be true; however, Morgan Stanley Smith Barney denied the customer’s complaint on March 27, 2018.

December 28, 2015 Complaint Alleging Unauthorized Trading

 
Second, a Morgan Stanley customer brought a customer complaint on October 28, 2015 regarding Vincent Magee’s trading of mutual funds. Specifically, the customer claimed that he made unauthorized mutual fund trades in the Morgan Stanley customer’s investment account. The customer did not specify an amount of compensatory damages in connection with the alleged unauthorized trading. Apparently, Morgan Stanley denied the claim on December 3, 2015.

May 17, 2011 Arbitration Concerning Vincent Magee’s Alleged Breach Of Fiduciary Duty

 
Third, we have a Raymond James & Associates Inc. customer who filed FINRA Arbitration #11-01988 (Boca Raton, Florida) on June 1, 2011. Evidently, the customer brought a number of claims of sales practice violations including misrepresentation and negligence, breach of fiduciary duty and breach of contract.  Specifically, those claims concern the customer’s mortgage-based transactions which led the customer to incur losses on the mortgaged properties. All things considered, Raymond James & Associates Inc. paid the customer $82,500.00 to settle the customer’s allegations.
Evidently, Vincent Magee worked at Raymond James & Associates’ Marco Island, Florida offices between December 15, 1998 and December 10, 2008; Morgan Stanley’s Marco Island, Florida offices between June 1, 2009 and July 31, 2014; and commenced employment at Ameriprise Financial Services’ Marco Island, Florida offices on July 27, 2018.

If you experienced losses by investing with Morgan Stanley broker Vincent Magee, contact Soreide Law Group at (888) 760-6552 and speak with experienced counsel about a possible recovery of your investment losses. Our firm has recovered millions of dollars for investors who have suffered losses due to broker and brokerage firm misconduct. We represent clients on a contingency fee basis and advance all costs.