Morgan Stanley Spanked With $8.5 Million Award

Morhan Stanley was ordered to pay an investor $8.5 Million.

Judge holding gavel

In June, 2016, a three member FINRA arbitration panel sitting in Los Angeles, CA issued a $8,500,000 binding arbitration award against Morgan Stanley and Peter Doyle and Wendy Feldman for the sale of unsuitable investments.

The underlying matter involved allegations that Morgan Stanley and Peter Doyle and Wendy Feldman made unsuitable investments, engaged in unauthorized trading, breached their fiduciary duty, engaged in financial elder abuse and failed to supervise, all in relation to the handling of the Claimants’ account, and in investments in securities such as NQ Mobile.

 

After a nine day arbitration hearing in April, 2016, the arbitration panel rendered their decision and awarded the customers over $8,500,000 in damages.

As a result of this award The Law Office of David Liebrader has opened an investigation into Morgan Stanley and Peter Doyle and Wendy Feldman.

Morgan Stanley’s broker check report lists 77 customer complaints and 28 regulatory investigations.

FINRA Code of Arbitration Procedure section 12904 governs the issuance and payments of awards. Key provisions of the rule are that the award may be entered as a judgment in any court of competent jurisdiction, after a motion to confirm the award is filed pursuant to state or federal law. Furthermore, unless the applicable law directs otherwise, all awards rendered under the Code of Arbitration Procedure are final, and are not subject to review or appeal. Grounds for overturning binding FINRA arbitration awards are extremely limited.  Morgan Stanley, Peter Doyle and Wendy Feldman had thirty days to pay the award, or to seek to have the award vacated.

If you are the victim of investment fraud, or if you have lost money investing with Morgan Stanley, Peter Doyle or Wendy Feldman please call The Law Office of David Liebrader at (702) 380-3131 for a free, confidential consultation to discuss your legal rights and options. Our firm takes cases on a straight contingency fee, with no money up front, and no money owed unless there is a recovery.

There is no charge for the initial consultation, so call (702) 380-3131 today to speak with an experienced securities attorney who will fight to recover your losses.

The Law Office of David Liebrader practices exclusively in the field of investment loss recovery. For the past 23 years, we have dedicated our law practice to assisting investors who have been victims of investment fraud via fraudulent and unsuitable investment transactions. During that time we have recovered money for over one thousand individuals, pension plans, trusts and companies. The recoveries we have obtained via judgments, awards and settlements on behalf of our clients exceed $40,000,000.