Investors File FINRA Arbitration Claim Against Morgan Stanley For Unsuitable Recommendations

money case 163495 1280 - Investors File FINRA Arbitration Claim Against Morgan Stanley For Unsuitable Recommendations

Kirk J. Gill of Tucson Arizona a stockbroker formerly employed by Morgan Stanley Smith Barney has been identified in a customer initiated investment related arbitration claim where the customer sought $500,000.00 in damages founded on accusations that common or preferred stocks were unsuitable for the customer in view of the customer’s objectives for investing and tolerance for risk when Gill was employed by Morgan Stanley. Financial Industry Regulatory Authority (FINRA) Arbitration No. 19-00775 (Mar. 21, 2019).

FINRA Public Disclosure reveals that Gill is referenced in fifteen more customer initiated investment related disputes containing allegations of his violative activities while associated with securities broker dealers including Morgan Stanley and First Financial Equity Corporation. Specifically, on May 21, 2018, a customer initiated investment related complaint involving Gill’s conduct was settled for $38,265.71 in damages based upon allegations that when Gill was associated with Morgan Stanley Smith Barney, the customer’s account was over concentrated by the stockbroker in aggressive equities including common or preferred oil stocks causing the customer to be exposed to unwarranted losses.

Also, a customer initiated investment related arbitration claim pertaining to Gill has been settled for $185,000.00 in damages supported by allegations that between 2009 and 2016, he inappropriately recommended or facilitated the customer’s purchase of common or preferred stocks, corporate bonds, and direct participation program interests or limited partnership interests, and these investments were not suitable because of the customer’s investment circumstances and had led the customer to experience undue investment losses. FINRA Arbitration No. 18-00762 (Nov. 20, 2018).

Gill is additionally referenced in a customer initiated investment related arbitration claim where the customer sought unspecified damages based upon accusations that the customer was unsuitably placed in stocks by Gill when he was associated with Morgan Stanley. FINRA Arbitration No. 19-00122 (Jan. 11, 2019).

Also, securities broker dealer employer First Financial Equity Corporation terminated Gill’s registration on May 23, 2018 based upon allegations that the stockbroker failed to comply with a heightened supervision plan implemented by the securities broker dealer relating to fixed annuities, over-the-counter equities and direct investment transactions that he effected when registered with First Financial Equity Corporation.

Gill’s employment with Morgan Stanley was terminated on April 14, 2016. Between June 6, 2018 and August 20, 2019, he was registered with Taylor Capital Management.