Damon Stewart of Morgan Stanley: $1.6M Customer Complaint
Summary
National investment loss lawyers KlaymanToskes is investigating Damon Stewart (CRD# 1794614) of Morgan Stanley following the filing of two customer complaints against the broker/investment advisor, including one complaint alleging $1,667,000 in damages due to the “handing of account authorization changes and distributions requested by the client’s wife”. According to Damon Stewart’s FINRA Brokercheck Report, the Morgan Stanley broker/investment advisor has two customer complaints filed against him. FINRA (“Financial Industry Regulatory Authority”) is responsible for regulating all registered brokers and brokerage firms. In the event of a non-compliance with securities industry standards leading to a customer incurring investment losses, brokers/financial advisors and their firms may be held liable through a FINRA arbitration claim. Facts about each investor, such as their financial situation/needs, age, employment status, tax status, investment objectives and experience, risk tolerance, and what other investments they may be holding must be taken into consideration by brokers/financial advisors in order to meet the “reasonable diligence” requirement of FINRA’s suitability rule.