Dec 23, 2020

Purchase, New York FINRA Securities Arbitration Lawyer

Did Morgan Stanley Cause You Investment Losses? Morgan Stanley submitted a Letter of Acceptance, Waiver and Consent to the Financial Industry Regulatory Authority for allegedly failing to reasonably supervise a registered representative in violation of NASD Rule 3010 and FINRA Rules 3110 and 2010. Due to the misconduct, the firm was censured and fined $175,000. Since 2009, Morgan Stanley has been a FINRA member firm and has more than 23,000 registered representatives. According to FINRA, between January 2012 through December 2017, Morgan Stanley had allegedly failed to supervise a representative who had been accused of  recommending unsuitable short-term trades and securities in 10 customers’ accounts. During the relevant period, Morgan Stanley had automated alerts set up to identify trading activity in accounts that needed to be reviewed by a supervisor and which accounts exceeded certain turnover and cost-to-equity ratios. The findings stated that the trading conducted in the customers’ accounts generated multiple red flags and Morgan Stanley allegedly failed to take reasonable steps to ensure the recommendations were suitable. As a result of the unsuitable trading, the customers suffered losses of more than $900,000 and Morgan Stanley was ordered to pay $774,574.08 in restitution. FINRA Rule 3110 and its predecessor, NASD Rule 3010, require that each member firm take reasonable steps to ensure that the activities of each associated person comply with applicable securities laws and regulations, investigate red flags of potential misconduct, and take appropriate action when misconduct has occurred. A violation of FINRA Rule 3110 or NASD Rule 3010 also constitutes a violation of FINRA Rule 2010. Do You Need a New York FINRA Securities Arbitration Attorney? Are you a Purchase, New York investor who has suffered significant losses in your stock brokerage and investment accounts?  Did your New York stockbroker or investment advisor misrepresent facts, fail to disclose facts making the statements made false and misleading, recommend unsuitable investments or strategies, excessively trade or churn, mismanage your investment account or engage in other kinds of stockbroker misconduct? If so, you need representation by an experienced, highly-rated and nationally recognized FINRA securities arbitration attorney—a lawyer who knows FINRA rules and procedures inside and out and how to handle these FINRA arbitration cases as well as other complex legal issues.  Free Initial Consultation With Experienced FINRA Securities Arbitration Lawyers Serving Purchase, New York Residents In FINRA Arbitration Proceedings At The Law Offices of Robert Wayne Pearce, P.A.  we represent investors in all kinds of securities, commodities and investment law disputes in FINRA, AAA and JAMS arbitration and mediation proceedings. Attorney Pearce and his staff represent investors throughout New York, and across the United States on a CONTINGENCY FEE basis which means you pay nothing – NO FEES-NO COSTS – unless we put money in your pocket after receiving a settlement or FINRA arbitration award. Se habla español For dedicated representation by Attorney Pearce with over 40 years of experience and success in all kinds of securities, commodities and investment law disputes serving New York citizens, contact the firm by phone at 561-338-0037, toll free at 800-732-2889 or via e-mail. 

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Dec 9, 2020

New Jersey FINRA Securities Arbitration Attorney

Did Christopher A. Reid Cause You Investment Losses? Christopher A. Reid of Mount Laurel, New Jersey was fined $5,000 and suspended from association with any FINRA member firm for a period of four months for allegedly participating in private securities transaction in violation of FINRA Rules 3280 and 2010. Without admitting or denying the allegations, Reid consented to the sanctions. The suspension is in effect from August 17, 2020, through December 16, 2020. Reid is not currently registered or associated with a FINRA member firm and remains subject to FINRA’s jurisdiction. In 2011, Cristopher A. Reid joined Morgan Stanley and was registered as General Securities Representative (Series 7). Morgan Stanley later filed a Form U5 stating Reid voluntarily resigned while under review as to whether he participated in private transactions in a third-party’s account. The findings stated an individual had come to Mr. Reid seeking assistance to open a brokerage account and was later rejected by Morgan Stanley. The customer then opened an account with another firm and deposited a total of $100,000. According to FINRA, Reid allegedly agreed to assist, place, and advise certain trades through the other FINRA members website. In addition, Reid had allegedly failed to inform Morgan Stanley of his participation in the account which eventually lost approximately 90% of its value. FINRA Rule 3280 prohibits any person associated with a FINRA member from participating in any manner in a private securities transaction without first providing written notice to the member with which he is associated describing in detail the proposed transaction and the person’s proposed role therein. Violations of FINRA Rule 3280 are also violations of FINRA Rule 2010. Do you need a New Jersey FINRA Securities Arbitration Attorney? Are you a New Jersey investor who has suffered significant losses in your stock brokerage and investment accounts?  Did your New Jersey stockbroker or investment advisor misrepresent facts, fail to disclose facts making the statements made false and misleading, recommend unsuitable investments or strategies, excessively trade or churn, mismanage your investment account or engage in other kinds of stockbroker misconduct? If so, you need representation by an experienced, highly-rated and nationally recognized FINRA securities arbitration attorney—a lawyer who knows FINRA rules and procedures inside and out and how to handle these FINRA arbitration cases as well as other complex legal issues.  Free Initial Consultation With Experienced FINRA Securities Arbitration Attorneys Serving New Jersey Residents In FINRA Arbitration Proceedings At The Law Offices of Robert Wayne Pearce, P.A.  we represent investors in all kinds of securities, commodities and investment law disputes in FINRA, AAA and JAMS arbitration and mediation proceedings. Attorney Pearce and his staff represent investors throughout New Jersey, and across the United States on a CONTINGENCY FEE basis which means you pay nothing – NO FEES-NO COSTS – unless we put money in your pocket after receiving a settlement or FINRA arbitration award. Se habla español For dedicated representation by Attorney Pearce with over 40 years of experience and success in all kinds of securities, commodities and investment law disputes serving New Jersey citizens, contact the firm by phone at 561-338-0037, toll free at 800-732-2889 or via e-mail. 

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Nov 10, 2020

Former Morgan Stanley Stockbroker Peggy Jean Doherty-Punderson Barred for Misconduct

Peggy Jean Doherty-Punderson of Hill, New Hampshire submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) in which she was barred for refusing to provide information and documents in violation to FINRA Rules 8210 and 2010. In May 2013, Peggy Jean Doherty-Punderson joined Morgan Stanley as a General Securities Representative until being discharged in September of 2019. According to FINRA, a form U5 was filed by Morgan Stanley in which Peggy Jean Doherty-Punderson was discharged due to a pending review which stated that she allegedly acknowledged and refused to provide documents requested by FINRA. The FINRA findings stated that the request was sent concerning a mortgage deed executed by Punderson and a customer. In addition, Ms. Punderson allegedly violated FINRA Rule 8210 and 2010, is no longer registered with any FINRA member firm, and remains under FINRA’s jurisdiction. FINRA Rule 8210(a)(1) states, in relevant part, that FINRA may “require a member, person associated with a member, or any other person subject to FINRA’s jurisdiction to provide information orally, in writing, or electronically … with respect to any matter involved in [a FINRA] investigation.” FINRA Rule 8210(c) further states that “[n]o member or person shall fail to provide information pursuant to this Rule.” A violation of FINRA Rule 8210 is also a violation of FINRA Rule 2010, which requires member firms and their associated persons to “observe high standards of commercial honor and just and equitable principles of trade.” Without admitting or denying FINRA’s findings, Peggy Jean Doherty-Punderson consented to the sanctions and has been barred from association with any FINRA member in all capacities. Stockbrokers have been known to engage in many practices that may violate industry and firm rules, practices, and procedures. In order to protect investors from stockbroker misconduct, FINRA rules require brokerage firms to establish and implement a supervisory system. The implementation of these industry rules requires supervisors to monitor their employees to ensure compliance with federal and state securities laws, securities industry rules and regulations, and the brokerage firm’s own policies and procedures. If broker-dealers and/or their supervisors fail to establish and implement these protective measures, they may be liable to investors for damages which flow from the broker’s misconduct. Therefore, investors who have suffered losses stemming from misconduct and/or other misconduct by their broker can file claims to recover damages against broker-dealers, like Morgan Stanley, which should consistently oversee its brokers’ activities in order to prevent the above-described misconduct. Have you suffered losses in your Morgan Stanley account due to misconduct by your broker? Was Peggy Jean Doherty-Punderson your stockbroker? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation. Mr. Pearce is accepting clients with valid claims against Morgan Stanley stockbrokers who may have engaged in broker misconduct and caused investors’ losses. The most important of investors’ rights is the right to be informed! This Investors’ Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 40 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities and investment law issues. The lawyers at our law firm are devoted to protecting investors’ rights throughout the United States and internationally! Please visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at pearce@rwpearce.com for answers to any of your questions about this blog post and/or any related matter.

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