Morgan Stanley Stockbroker Accused Of Unauthorized Borrowing
Mark Allen Frommer of Chicago Illinois a stockbroker formerly associated with Morgan Stanley has been referenced in a customer initiated investment related written complaint on September 18, 2019 in which the customer requested unspecified damages supported by allegations of an unauthorized liquidity access line being used to borrow against the customer’s portfolio for the purchase of stocks and hedge funds during the period in which Frommer was employed by Morgan Stanley.
Frommer has been identified in two additional customer initiated investment related disputes concerning accusations of his misconduct. Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that a customer initiated investment related complaint in reference to Frommer’s activities was resolved for $18,000.00 in damages based upon accusations that misrepresentations were fraudulently made to the Morgan Stanley customer concerning the risks of the investments selected for the customer’s account. The claim also alleges that investments were in no way suitable for the customer.
Frommer is the subject of another customer initiated investment related written complaint in which the customer requested more than $5,000.00 in damages based upon allegations that the Lehman Brothers customer’s investment instructions were not followed by the stockbroker as it pertained to a direct investment.
Frommer’s registration with Morgan Stanley was terminated on August 30, 2019. Since September 19, 2019, the stockbroker has been employed by Oppenheimer Co. Inc.