MORGAN STANLEY FLAGGED WITH $4.2 MILLION FINRA ARBITRATION AWARD

An arbitration panel for the Financial Industry Regulatory Authority (“FINRA”) has made findings against Morgan Stanley Smith Barney and entered an award against the firm exceeding $4.2 million in favor of  Morgan Stanley customers including former NFL star Asante Samuel.

The award followed customers’ complaints of breaches of fiduciary duty, negligence and gross negligence, violations of FINRA regulatory rules, and negligent supervision surrounding the claimants’ investments in the South Beach Club and the 7020 Club.

The FINRA arbitrators found Morgan Stanley liable for negligence, negligent supervision, and violations of FINRA’s supervisory rules. The award included combined compensatory damages of $3,242,700, interest of $968,300, and costs of $750.

If you or someone you know lost money as a client of Morgan Stanley Smith Barney due to unsuitable, misrepresented, or unauthorized transactions, please call the Frankowski Firm at 888.741.7503 or fill out this contact form.