Ft. Lauderdale, Fl. Nov 4, 2019 – The law firm of Securities Fraud Attorney Mark A. Tepper has filed claim against Morgan Stanley [NYSE: MS] on behalf of a retired nurse’s aide who entrusted her inheritance to Morgan Stanley and its broker Todd Pine. The Claim for damages also seeks recovery of substantial losses that the 71-year-old retiree suffered.
“Inexcusably, the broker used [Claimant’s] trust to exploit this elderly, retired nurse’s aide, through excessive trading. The broker mis-marked her investor profile and made unsuitable recommendations for her financial situation and needs. The broker’s unsuitable short-term trading in [Claimant’s] accounts generated excessive commissions, shared between the broker and Respondent,” the Claim alleges.
This unsuitable strategy included excessive short-term trading in high risk stocks, over concentration in high risk oil and gas service companies, and the purchase of below investment grade bonds, the Claim further alleges.
“Inexplicably, Respondent turned a blind eye to its broker’s excessive, short term trading and high-risk recommendations in [Claimant’s] accounts which were obvious red-flags, sufficient to alert a prudent supervisor to make inquiry. Respondent’s blind-eye supervision failed
to detect and prevent its broker’s wrongdoing in [Claimant’s] accounts. Respondent either failed to create an adequate supervisory system, or it failed to implement or enforce its system,” the Claim contends.
If you have information related to the Claim against Morgan Stanley or Todd Pine, or your broker made unsuitable recommendations, contact attorney Mark Tepper at askmark@marktepper.com or call (954) 961-0096 for a free case evaluation.
About Mark A. Tepper, P.A. (MarkTepper.com)
Attorney Mark A. Tepper is the former Chief Trial Counsel at the New York Attorney General’s Bureau of Investor Protection and Securities. He has earned the reputation of “Investor Advocate” while practicing law for over 40 years representing individual investors. FINRA arbitrators have upheld stockbroker fraud claims filed by Mr. Tepper against many brokerage firms. A member of the Florida, New York and California Bars, Mr. Tepper is peer-reviewed for 19 consecutive years, AV PREEMINENT® for ethical standards and legal ability, the highest rating of lawyers in the Martindale-Hubbell Law Directory.
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