Morgan Stanley Sued For Unit Investment Trust Sales
Michael Frank Greenstone of Palm Beach Florida a stockbroker formerly registered with Morgan Stanley Smith Barney is referenced in a customer initiated investment related arbitration claim in which the customer requested $5,000,000.00 in damages based upon accusations that between 2013 and 2019, the customer had been placed into unit investment trust and equity products which were in no way suitable and which led the customer to experience unjustified investment losses. Financial Industry Regulatory Authority (FINRA) Arbitration No. 19-02005 (July 23, 2019).
FINRA Public Disclosure reveals that Greenstone is referenced in eight more customer initiated investment related disputes that concern allegations of his misconduct while employed with securities broker dealers including Prudential Securities Incorporated, UBS Financial Services Inc., and Merrill Lynch Pierce Fenner Smith Incorporated. Specifically, a customer filed an investment related arbitration claim involving Greenstone’s conduct which was resolved for $52,000.00 in damages supported by accusations that Greenstone made false or misleading statement to the customer and placed the customer in risky investments which were not appropriate given the customer’s goals or circumstances.
Another customer initiated investment related complaint regarding Greenstone’s conduct was settled for $106,000.00 in damages founded on allegations that trades in the customer’s account were effected by Greenstone on an excessive basis; and the over-the-counter equities were unsuitable. Greenstone is the subject of another customer initiated investment related written complaint where the customer sought $114,266.00 in damages based upon accusations that when Greenstone was associated with UBS Financial Services, the customer had been placed into an investment portfolio that was unsuitable given the customer’s age and tolerance for risk.
Also, Greenstone is referenced in a customer initiated investment related written complaint which was settled to resolve allegations of non-disclosures and bad advice which pertained to hedge fund investment transactions placed by Greenstone during the time that he was associated with UBS Financial Services.
In addition, on November 13, 2018, Greenstone became the subject of a customer initiated investment related complaint in which the customer requested $24,000.00 in damages supported by accusations that the customer had been provided bad investment advice from Greenstone between October of 2018 and November of 2018 in regard to the mutual funds purchased and retained by the customer during the period in which Greenstone was employed by Merrill Lynch.
Greenstone’s employment with Morgan Stanley has been terminated as of March 30, 2017. Since March 17, 2017, Greenstone has been registered with Merrill Lynch.