Fred Brister Ridgeland MS Broker Ordered to Pay $2.3 Million

In July, 2015, a three member FINRA arbitration panel sitting in Jackson, MS issued a $2,382,851 binding arbitration award against Fred Brister and Morgan Stanley for violations in their Ridgeland, MS office.

The underlying matter involved allegations that Fred Brister and Morgan Stanley mismanaged several customer’s accounts, breached fiduciary duties, failed to supervise, failed to follow industry rules and standards and violated the Mississippi Securities Laws. The securities involved in the case included Oculus Innovative, ProShares Ultra ETFs, Morris Innovative, Legend International and Southern Financial Group.

After a 20 day arbitration hearing stretching from November 2014 to May 2015, the arbitration panel rendered their decision and awarded the customers $1,522,978 in compensatory damages; $104,000 in punitive damages; $609,190 in attorney’s fees; $78,733 in expert witness fees; and $68,350 in costs. The panel also awarded interest at 2.5% from the time of the investments. Brister and another Respondent, Stephen Mark Wyatt requested expungement of the claim from their industry record, and the panel denied those requests.

As a result of this award The Law Office of David Liebrader has opened an investigation into Fred Brister and other brokers at Morgan Stanley’s Ridgeland, MS office.

Fred Brister’s broker check lists nine customer complaints and an investigation by the Mississippi Secratary of State over 38 years in the securities industry.  Brister has been with Morgan Stanley since 2007.

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.  Fred Brister and Morgan Stanley 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 Fred Brister, 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.

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