Investors Sue Morgan Stanley For Closed End Fund Recommendations

Alberto Antonio Castaner (also known as Tito Castaner and as Antonio Castaner Barcelo) of Fort Lauderdale Florida a stockbroker currently employed by Morgan Stanley has been identified in a customer initiated investment related arbitration claim which was resolved for $25,000.00 in damages founded on accusations that the Morgan Stanley customer was inappropriately advised by Castaner to retain closed end funds and government debt investments that caused the customer to incur losses. Financial Industry Regulatory Authority (FINRA) Arbitration No. 18-03311 (Mar. 27, 2020).

FINRA Public Disclosure indicates that Castaner has been identified in eight additional customer initiated investment related disputes pertaining to allegations of his misconduct while employed with Morgan Stanley and Popular Securities LLC. On September 6, 2019, a customer initiated investment related arbitration claim pertaining to Castaner’s conduct was settled for $125,000.00 in damages supported by allegations that transactions that were facilitated in the customer’s account had failed to be suitable because of the customer’s risk tolerance. FINRA Arbitration No. 17-02372. The claim also alleges that the customer’s account had been overconcentrated in bad investments including speculative investments which exposed the customer to increased risks.

Another customer filed an investment related arbitration claim in reference to Castaner’s conduct where the customer sought $100,000.00 in damages based upon accusations that the customer had been placed into securities which failed to be appropriate as those securities contained more risks than the customer expressed a willingness to take. FINRA Arbitration No. 18-02114 (June 11, 2018). An additional customer filed an investment related arbitration claim in reference to Castaner’s conduct where the customer sought $1,075,000.00 in damages based upon accusations of bad Puerto Rico closed end funds and government debt securities being recommended to the customer. FINRA Arbitration No. 18-02317 (July 3, 2018).

On October 29, 2018, another customer filed an investment related arbitration claim involving Castaner’s conduct in which the customer requested $120,000.00 in damages based upon allegations that poor advice had been provided by Castaner as it concerned government debt and closed end funds that were purchased and held in the customer’s account. FINRA Arbitration No. 18-03677.

Castaner has been registered with Morgan Stanley since June 27, 2014.