Were you advised by your broker to invest in non-traded stocks, bonds, or REITs? You may have a Claim for damages to recover your losses.
Recommendations to buy non-traded securities, such as stocks and bonds that are not traded on a national exchange like the NYSE or OTC, are often unsuitable for most investors.
These types of recommendations may also be illegal. For example, Ron Ernest Filoramo, a broker employed by Morgan Stanley in Florida from 2011-2023, was recently barred from being a broker because he recommended fictitious bonds in an attempt to transfer customer funds for his own use, allegedly to support a gambling habit. He was alleged to have created fake statements while employed by Morgan Stanley.
Morgan Stanley has an obligation to supervise its brokers to prevent this type of activity. There are several customer claims pending at FINRA.
If your broker has recommended outside investments like non-traded stocks, bonds, notes or REITs then you may have a claim for recovery of any losses.
If you are concerned about your account at any broker, contact us for a no-cost evaluation. To initiate the process, contact Attorney Mark A. Tepper by sending an email to askmark@marktepper.com or calling (954)704-2310.