Jeffrey Neil Cadan, of New York, New York, a stockbroker registered with Morgan Stanley, was terminated from employment on December 21, 2016, based upon allegations of Cadan’s misconduct pertaining to his implemented investment strategy involving government debt products, as well as his exercise of discretion in customer account(s).
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Cadan has been named in eleven customer initiated investment related disputes containing allegations of his misconduct while employed with UBS Financial Services. Particularly, on November 6, 2008, a customer filed an investment related written complaint involving Cadan’s conduct, based upon allegations that Cadan effected unsuitable transactions concerning Lehman Brothers Structured Products transactions in the customer’s account, and made misrepresentations and omissions to the customer regarding the characteristics and risk factors of the investments.
On December 22, 2008, another customer filed an investment related written complaint regarding Cadan’s activities, based upon allegations that Cadan disregarded the customer’s investment instructions pertaining to the customer’s discretionary managed account. Further, on February 17, 2009, a customer initiated investment related arbitration claim involving Cadan’s conduct was settled for $117,000.00 in damages based upon allegations that Cadan made unsuitable investment recommendations to the customer concerning fixed income products and equities and did not diversify the customer’s holdings, which ultimately caused the customer to sustain investment losses. Further, on September 30, 2010, a customer initiated investment related arbitration claim involving Cadan’s conduct was settled for $400,000.00 in damages based upon allegations that Cadan overconcentrated the customer’s portfolio in corporate bonds and structured products within the finance sector.
From November 25, 2011, to June 26, 2012, six customer initiated investment related disputes regarding Cadan’s conduct were resolved for a total of $1,355,500.00 in damages based upon allegations including violation of FINRA rules and securities laws, negligence, failure to disclose conflicts of interest, breach of fiduciary duty, unsuitability, misrepresentation, and securities fraud in connection with the customers’ purchases of Lehman Brothers Principal Protected Notes. Additionally, the customers claimed that UBS Financial Services Inc. failed to supervise Cadan’s activities.
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