Articles Tagged with Municipal Securities Rulemaking Board (MSRB)

FINRA has suspended former RBC Capital Markets broker Jeffrey Fladell from associating with any FINRA member for three months over unsuitable recommendations he made to a retired senior over 100 years old, which resulted in her extreme overconcentration in high-yield municipal bonds. In addition to his suspension, Fladell was fined $5,000. 

If you have lost money with Jeffrey Fladell, or RBC Capital Markets, contact New York securities arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.

Jeffrey Fladell (CRD#: 209278)

**Update: November 11, 2021** On November 8, 2021, Aegis  Capital Corp agreed to pay nearly $2.7 million in sanctions for supervisory failures related to excessive and unsuitable trading by its brokers from July 2014 through December 2018.   Click on the following link to read more:  Aegis Capital Corp. Ordered to Pay Nearly $2.7 Million for Supervisory Failures Related to Rampant Excessive and Unsuitable Trading

Customers of Aegis Capital, including customers that have been notified that they may be receiving restitution, should consult with a securities arbitration law firm.  If you or a loved one were a customer of Aegis Capital, contact  New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential consultation and review of your legal rights.

Original Post:

Iorio Altamirano LLP is investigating claims on behalf of Morgan Stanley customers after the firm agreed to pay restitution of more than $1.7 million over supervisory failures related to its 529 plan share-class recommendations. If you have lost money with Morgan Stanley or were advised by a Morgan Stanley representative to purchase particular share classes of 529 savings plans, contact New York securities arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.

Morgan Stanley and FINRA entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) on December 30, 2020, over findings that between January 1, 2013, and June 30, 2018, the firm failed to establish and maintain a system reasonably designed to supervise representatives’ recommendations to customers to purchase certain share classes of 529 savings plans, in violation of MSRB Rule G-27. Specifically, the FINRA AWC stated that Morgan Stanley’s supervisory system was not reasonably designed to supervise 529 share-class recommendations executed 1) in certain legacy Smith Barney accounts or 2) through transactions made directly with plans.

Morgan Stanley is headquartered in Purchase, New York, and has been a FINRA member firm since May 2009. As of December 2020, Morgan Stanley had approximately 720 branches and over 23,500 registered persons.

Iorio Altamirano LLP is investigating claims on behalf of B. Riley Wealth Management Inc. (“BRWM”) customers after the firm was ordered to pay more than $250,000 in restitution to clients by the Financial Industry Regulatory Authority (“FINRA”) for supervisory failures related to its 529 plan share-class recommendations. If you have lost money with BRWM or were advised to purchase particular share classes of 529 savings plans, contact New York securities arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.

B. Riley Wealth Management Inc. and FINRA entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) on December 30, 2020, following findings that between January 1, 2013, and June 30, 2018, the firm lacked a system reasonably designed to supervise representatives’ recommendations to customers to purchase certain share classes of 529 savings plans, in violation of MSRB Rule G-27. The AWC pointed out that BRWM:

  • Failed to provide adequate guidance to its registered representatives about the importance of considering share-class differences when recommending 529 plans.
Contact Information