Morgan Stanley Pays After Investment Advisory Arbitration (2019)
“Morgan Stanley wants to have its cake and eat it, too,” Mr. Marrs said. “When the wheels come off, you want to repudiate the investment-advisory nature of the account. Now, all of the sudden, it is a de facto brokerage account.”
A New Mexico couple has been awarded more than half a million dollars by a Financial Industry Regulatory Authority arbitration panel after a Morgan Stanley broker put their assets in inappropriately complex investments.
Arbitrators granted the customers $519,089 of compensatory damages plus interest from April 5 until payment is made, according to the award document.