Morgan Stanley Blamed For Unauthorized Trading
Michael Darren Bell of Rochester, New York, a stockbroker registered with Morgan Stanley Smith Barney, is the subject of a customer initiated investment related written complaint on June 27, 2017, alleging that between June of 2014 and March of 2017, mutual fund trades were effected in the customer’s account without authorization.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Bell has been identified in six more customer initiated investment related disputes pertaining to allegations of his improper conduct while registered with Morgan Stanley. In particular, a customer was awarded $40,000.00 in damages according to an investment related arbitration claim involving Bell’s activities, based upon findings that Bell executed unauthorized and unsuitable mutual fund trades, breached his fiduciary duties, and negligently handled the customer’s portfolio. National Association of Securities Dealers (NASD) Arbitration No. 05-03145 (Sept. 21, 2006).
On October 6, 2006, another customer initiated investment related written complaint pertaining to Bell’s conduct was settled for $25,000.00 in damages supported by accusations that Bell effected unsuitable mutual funds transactions and failed to abide by the customer’s investment instructions. Afterward, a customer initiated investment related arbitration claim regarding Bell’s activities was resolved for $69,000.00 in damages founded on allegations of misrepresentation and suitability concerning mutual funds investments. NASD Arbitration No. 05-034444 (Nov. 27, 2006).
Then, a customer initiated investment related arbitration claim involving Bell’s conduct was settled for $22,500.00 in damages based upon allegations that Bell negligently managed the customer’s assets and made misrepresentations to the customer concerning the customer’s individual retirement account. FINRA Arbitration No. 07-00096 (Sept. 26, 2013). Further, a customer initiated investment related arbitration claim pertaining to Bell’s activities was resolved for $6,805.00 in damages supported by accusations that Bell inappropriately managed the customer’s retirement account, and misrepresented terms and conditions of investing. FINRA Arbitration No. 07-00096 (Oct. 1, 2013).
Bell has been associated with five different broker dealers, one of which has been expelled by securities regulators for violation of federal securities laws or is otherwise defunct.
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