Investors Accuse Morgan Stanley Of Unsuitable Municipal Bond Transactions
David Hugh Bindelglass of Paramus New Jersey a stockbroker formerly employed by Morgan Stanley is the subject of a customer initiated investment related complaint which was resolved for $100,000.00 in damages on January 10, 2019 founded on accusations that unsuitable municipal debt trades had been effected in the customer’s account during the time that Bindelglass was employed by Morgan Stanley.
Financial Industry Regulatory Authority (FINRA) Public Disclosure confirms that Bindelglass has been identified in six additional customer initiated investment related disputes containing allegations of his misconduct when he was associated with securities broker dealers including Morgan Stanley, Citigroup Global Markets Inc. and First Institutional Securities. Specifically, the stockbroker is referenced in a customer initiated investment related arbitration claim which was settled to resolve accusations of bad advice in regard to mutual funds and over-the-counter equities.
Another customer initiated investment related complaint involving Bindelglass’ activities was resolved for $36,000.00 in damages based upon allegations of unsuitable stock trades placed by Bindelglass during the period in which he was associated with Citigroup Global Markets Inc. Bindelglass is also the subject of a customer initiated investment related arbitration claim where the customer was awarded $95,632.90 in damages based upon Morgan Stanley being found liable on the customer’s claims of negligence, breach of contract, non-disclosures and bad advice by Bindelglass as it pertained to the customer’s purchase of Puerto Rico bonds.
In addition, a customer initiated investment related arbitration claim concerning Bindelglass’ conduct was settled for $750,000.00 in damages supported by accusations that during the time that Bindelglass was employed by Morgan Stanley, misrepresentations had been made by the stockbroker, and transactions executed in the customer’s account failed to be suitable. FINRA Arbitration No. 16-00861 (Aug. 28, 2017). On May 2, 2018, yet another customer initiated investment related complaint concerning Bindelglass’ activities was resolved for $25,000.00 in damages founded on allegations of inappropriate and unsuitable municipal debt trades effected by the stockbroker which led the customer to experience losses.
Bindelglass was discharged by Morgan Stanley on December 20, 2017 based upon accusations against the stockbroker of unauthorized transactions and inappropriate advice to one or more customers. Since January 4, 2018, Bindelglass has been registered with Cantella Co. Inc.