Customers of Leach Claim They Suffered Six and Seven-Figure Losses
Jeffrey Harold Leach, a Morgan Stanley broker and also of The Leach Group, which is based in Florida, has been accused by at least three investors of making unsuitable investment recommendations that cost them a significant amount of money.
While one claim has already been settled by Morgan Stanley, two of the customer disputes, including one seeking $3M in damages, are still pending.
Over the years, our stockbroker fraud lawyers at Shepherd Smith Edwards and Kantas (SSEK Law Firm) have pursued a number of claims against Morgan Stanley registered representatives for losses suffered by our clients because of stockbroker fraud or brokerage firm negligence.
If you were a customer of Jeffrey Leach’s and you suspect that you too may have purchased investments at his recommendation that were inappropriate for your portfolio, contact SSEK Law Firm today.
Two Investors Filed FINRA Arbitration Claims Against Leach This Year
According to his BrokerCheck record, Jeffrey Leach has worked 21 years in the industry. Aside from Morgan Stanley, he also was a registered representative at three other firms including Conseco Securities.
The two pending complaints against Leach were brought against him this year, including one by claimants who say that he sold them investments between September 2018 and December 2019 that he misrepresented to them. They are requesting $3M in damages.
Another customer dispute, which was filed in a FINRA arbitration claim in April, seeks $500K in damages. Unsuitable investment recommendations in the energy sector were allegedly made by Leach between July 2014 and May 2020.
An earlier complaint from 2016 naming Leach, again alleging unsuitability, was settled for $165K.
In 2011, Leach was fined $10K by the Florida Office of Financial Regulation for conducting investment advisory business in that state while lacking the proper registration. He settled to the entry of finding but without denying or admitting to the claims.
Unsuitable Investment Recommendations & Misrepresentation
Not all investments are suitable for every investor. Retail investors, conservative investors, retirees, and unsophisticated investors often can’t handle too much risk. With that being said, even experienced, high net worth individual investors and institutional investors are not immune to losses caused by inappropriate investment recommendations either.
Please contact our investment fraud lawyers at SSEK Law firm today if you invested with Jeffrey Leach or believe that another Morgan Stanley broker committed fraudulent misrepresentation. We have recovered tens of millions of dollars on investors’ behalf.