Investors Accuse Morgan Stanley Of Unauthorized Trading
Rick Alan Davidson of New York New York a stockbroker formerly employed by Morgan Stanley is the subject of a customer initiated investment related complaint on May 15, 2017 where the customer sought $21,000.00 in damages supported by allegations that unauthorized corporate debt trades were executed in the customer’s account while Davidson was associated with Morgan Stanley Smith Barney.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Davidson has been identified in four more customer initiated investment related disputes containing accusations of his violative conduct while employed with Morgan Stanley Smith Barney. Particularly, on February 21, 2012, a customer initiated investment related complaint involving Davidson’s conduct was settled to resolve allegations that the customer was placed in a bond investment that was neither suitable for the customer nor authorized.
On July 5, 2012, another customer initiated investment related complaint regarding Davidson’s activities was resolved for $101,787.94 in damages founded on allegations that Davidson effected stock and corporate debt trades without first procuring the customer’s authorization. Thereafter, a customer initiated investment related arbitration claim regarding Davidson’s conduct was settled for $175,000.00 in damages based upon accusations that transactions were executed in the customer’s account that were not suitable for the customer given the customer’s financial circumstances or tolerance for risk. FINRA Arbitration No. 16-02283 (June 20, 2017).
FINRA Public Disclosure reveals that Davidson has been terminated by Morgan Stanley on May 17, 2016 supported by allegations that Davidson effected trades in a customer’s account on a discretionary basis and entered into an unauthorized loan arrangement.