Soreide Law Group Files FINRA Arbitration on Behalf of Clients Against MORGAN STANLEY, UBS FINANCIAL SERVICES, and their Registered Representative WILLIAM JOHN PAYNTER JR

Soreide Law Group has filed a FINRA arbitration on behalf of their clients (Claimants) against:
MORGAN STANLEY, UBS FINANCIAL SERVICES, INC., and registered representative, WILLIAM JOHN PAYNTER JR., CRD# 2835535.
The Claimants, a married couple from Arizona, met broker PAYNTER in approximately 2010. The Claimants are unsophisticated investors. At MORGAN STANELY, PAYNTER allegedly ignored their stated investment objective, which was to preserve their principal through retirement and generate enough income to live--roughly $5,000 per month--which PAYNTER allegedly told the Claimants would be no problem.
Around 2013, the accounts at MORGAN STANLEY became over concentrated in high-risk oil and gas investments, including, but not limited to: Seadrill, Targa Resources, Atlas Resource Partners, Chesapeake Energy, and Total S.A. The lawsuit alleges that WILLIAM JOHN PAYNTER JR made other high-risk investments that were inappropriate for a retiree including Savient Pharmaceuticals. The accounts were transferred to UBS on or about November 2014, where PAYNTER continued to further concentrate the accounts into high-risk oil investments including Linn Energy, Memorial Production Partners, and Vanguard Natural Resources, all of which are now bankrupt.
The lawsuit alleges that all the oil and gas investments purchased in the accounts were done so without stop losses or any hedge against the risk of loss if the price of oil were to rapidly decline. The Claimants have lost the majority of their principal in bankrupt oil investments and can no longer generate the income they need to sustain themselves through retirement. The lawsuit also alleges that the Claimants opened an IRA with PAYNTER that went from $26K to $6K having been only invested in two high-risk oil positions including, Diamond offshore Drilling and Chesapeake Energy.
Over-concentrated positions in oil investments are especially unsuitable for senior citizens. Oil historically is extremely volatile and crashed every decade going back to the 1970s.
The lawsuit alleges that MORGAN STANLEY, UBS and their representative’s actions have caused Claimants damages of approximately $500,000.00.
The lawsuit states the allegations of:  negligence, breach of fiduciary duty, negligent supervision and breach of contract.
If you were a client of, WILLIAM JOHN PAYNTER JR., who was with MORGAN STANLEY, and UBS FINANCIAL SERVICES, INC., and you experienced losses due to his actions or recommendations, call Soreide Law Group and speak to a securities lawyer at no-cost regarding the possible recovery of your financial losses through a FINRA arbitration at:  888-760-6552.
Soreide Law Group represents clients nationwide on a contingency fee basis.  Let our experience work for you.