Morgan Stanley Fires Broker For Unauthorized Trading
Michael Frank Paesano, of New York, New York, a stockbroker registered with Morgan Stanley, was terminated from employment on December 21, 2016, based upon allegations that he effected faulty investment strategies and unauthorized trades in customer accounts.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Paesano has been identified in fifteen customer initiated investment related disputes containing allegations of his misconduct while employed with UBS Financial Services Inc. Specifically, between December 12, 2012, and December 15, 2012, two customer initiated investment related arbitration claims were resolved for a total of $425,000.00 based upon allegations including negligence, breach of fiduciary duty, failure to disclose conflicts of interest, unsuitability, misrepresentation, and securities fraud in regards to structured products and equities purchased by the customer.
Subsequently, on December 10, 2012, a customer filed an investment related arbitration claim involving Paesano’s conduct, in which the customer requested $377,187.00 in damages based upon allegations that Paesano made misrepresentations and unsuitable investment recommendations to the customer concerning structured notes investments. Further, on June 18, 2014, a customer filed an investment related arbitration claim involving Paesano’s conduct, in which the customer requested $228,912.00 in damages based upon allegations that Paesano defrauded the customer in reference to the common stocks, mutual fund, and Lehman Brothers debt investments effected in the customer’s account. On December 12, 2015, another customer initiated investment related arbitration claim regarding Paesano’s activities was resolved for $245,000.00 in damages based upon allegations that Paesano effected unsuitable structured products and closed-end fund transactions in the customer’s account.
Paesano’s registration with Morgan Stanley was terminated on January 20, 2017.
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