Morgan Stanley Accused Of Abuse of Discretion By Trading Penny Stocks
Michael John Kurka of Alexandria Virginia a stockbroker employed by Morgan Stanley is referenced in a customer initiated investment related written complaint on June 5, 2018 where the customer requested $200,000.00 in damages founded on accusations that bad penny stock and equity trades had been effected in the customer’s account evidencing an abuse of Kurka’s discretionary authority.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that another customer filed an investment related complaint concerning Kurka’s conduct in which the customer sought unspecified damages based upon allegations that during the period in which Kurka was associated with Morgan Stanley Smith Barney, trades placed in the customer’s managed account failed to be suitable for the customer.
On September 25, 2017, Kurka was discharged by Morgan Stanley Wealth Management supported by accusations that he potentially engaged in sales practice violations. Since October 20, 2017, he has been employed by Moors Cabot Inc.