Investors Accuse Morgan Stanley Of Unsuitable Trading
Edward Thomas Enstice of Linwood New Jersey a stockbroker formerly associated with Morgan Stanley has been referenced in a customer initiated investment related written complaint which was settled for $50,000.00 in damages on December 13, 2019 supported by allegations that the customer had been placed into unsuitable investments between March of 2015 and November of 2019 during the period in which Enstice was employed by Morgan Stanley.
This is not the first time that Enstice has been subject of a customer dispute in which his sales practices have been called into question. FINRA Public Disclosure additionally reveals that a customer initiated investment related arbitration claim in reference to Enstice’s conduct was resolved for $157,000.00 in damages based upon accusations that a fiduciary duty that was owed to the customer had been breached by Enstice in regard to the stockbroker’s activities at Morgan Stanley.
According to the claim, misrepresentations had been made by the stockbroker pertaining to equities transactions effected in the customer’s account. The claim also alleges that Enstice’s equities trades were in no way suitable for the customer and had caused the customer to experience losses.
Enstice’s employment with Morgan Stanley was terminated on June 10, 2016. Between May 7, 2018 and May 14 ,2020, he was employed by L.O. Thomas Co. Inc. Since May 14, 2020, he has been employed by Coastal Equities Inc.