FINRA Investigates Morgan Stanley Arkansas Broker
The Financial Industry Regulatory Authority (FINRA) initiated regulatory proceedings in September 2010 against Joey Wade Dean for making material misrepresentations and omissions to retired or elderly investors in connection with the sale of principal protected structured notes. According to FINRA’s BrokerCheck, he also sold shares of their investments without their permission so that the investors could continue to make their monthly withdrawals, when the notes stopped paying monthly income. Finally, the complaint alleged that Mr. Dean recommended this product to his customers without having a reasonable basis to believe they were suitable for the retired or elderly, considering their age, financial needs and the considerable risk involved. Joey Wade Dean was fired by Morgan Stanley in May 2009 for failing “to follow firm policy relating to communications with the public.”
Investors of all ages, including the elderly and retired, were promised a guaranteed stream of income and protection of their principal by their financial advisors, only to find out too late that the promises were false and their losses unfortunately very real.
Our securities law firm has assisted many investors recover compensatory damages for losses sustained in connection with the marketing and sale of principal protected structured notes. Please contact us for a confidential, no obligation consultation at 1-800-259-9010.