Retiree Accuses Morgan Stanley of Elder Financial Abuse from Covered Call Strategy Involving NVIDIA and Apple Shares

A 77-year-old retiree wants to file a $5,000,000 FINRA arbitration case against Morgan Stanley. He contends that he was the victim of unsuitability, elder financial abuse, and breach of fiduciary duty involving the broker-dealer and its financial advisor  Nicholas Samuel Westendorf. This senior investor claims that his funds were exposed to a covered call strategy that he didn’t fully understand but he believed was supposed to protect his stock. However, he alleges, after he said in writing he wanted out, Morgan Stanley kept rolling his options for four more years. Eventually, his Apple and NVIDIA shares were called away.

This is an investor who says he made it very clear that he wanted to protect his shares. He also was new to covered call trading. He was billed six-figures for taxes on the gains. Morgan Stanley and his broker-dealer earned substantial commissions.

FINRA Fines Joseph Gunnar Over Lack of Policies Regarding Excessive Trading That It Calls a Violation of SEC Reg BI’s Care Obligation

Our Regulation Best Interest loss lawyers are investigating allegations against brokerage firm Joseph Gunnar & Co. following a $100,000 FINRA fine for supervisory failures related to excessive trading. The self-regulatory organization determined that the firm failed to establish reasonable policies to detect churning, violating the SEC Reg BI Care Obligation and leading to potential investor losses.

Our Regulation Best Interest Loss Lawyers Are Investigating

Shepherd Smith Edwards and Kantas Represent Investors Against Wall Street Firms and Other Broker-Dealers

The New York misrepresentations and omissions lawyers at Shepherd Smith Edwards and Kantas represent Empire State investors seeking to recover financial losses caused by broker misconduct and undisclosed risks. With over 100 years of combined securities experience, the firm helps clients navigate FINRA arbitration to hold financial advisors and Wall Street firms accountable for misleading statements or hidden details.

Investor losses caused by broker misrepresentations and omissions continue to happen.  According to the Financial Industry Regulatory Authority (FINRA), already this year through September 2026, 837 FINRA arbitration claims alleging misrepresentation and 710 cases alleging omission of fact were filed.

Claimant Suffered Losses in Inland Zero-Coupon OH Fulfilment DST and Internacional Gatsby DST

National securities law firm Shepherd Smith Edwards and Kantas is representing an inexperienced California investor in a FINRA arbitration claim seeking up to $1 million against McDermott Investment Services. The claim alleges the firm unsuitably recommended risky Delaware Statutory Trusts (DSTs) that led to near-total principal losses despite the client’s request for safe, income-generating investments.

Shepherd Smith Edwards and Kantas (investorlawyers.com) is representing a California investor in her FINRA arbitration claim against McDermott Investment Services, its control person Dean Patrick McDermott, and broker Troy Thomas. Our Client contends that she was unsuitably recommended two Delaware Statutory Trusts (DSTs):  Inland Zero-Coupon OH Fulfilment DST and Internacional Gatsby DST. She went on to sustain significant losses and is now seeking up to $1,000,000 in financial recovery.

Shepherd Smith Edwards and Kantas Investigates Selling Away Losses Involving Customers of Indicted Ex-LPL Financial Broker  William Bernard Tunink

Former LPL Financial stockbroker William Bernard Tunink has been federally indicted for allegedly operating an $11 million Ponzi scheme that cost investors over $2 million through unauthorized “selling away” investments. Law firm Shepherd Smith Edwards and Kantas is currently investigating these claims and urging affected investors to seek legal recourse against the broker and brokerage firm.

If you are an investor who suffered losses while working with former LPL Financial stockbroker William (Bill) Bernard Tunink, contact Shepherd Smith Edwards and Kantas (investorlawyers.com) today. The former longtime broker was recently indicted on federal criminal charges of 10 counts of wire fraud related to an alleged long-term Ponzi scam that defrauded investors from whom he raised $11M. Their losses from the scheme reportedly exceed $2M and allegedly involved selling away. 

Shepherd Smith Edwards and Kantas Is Investigating

FINRA suspended former Realta Equities broker Gilbert Conrad after discovering he secretly paid clients $139,000 to settle disputes outside his firm, adding to a history of customer claims alleging over $2 million in losses from unsuitable recommendations and overconcentration. Securities law firm Shepherd Smith Edwards and Kantas is currently investigating claims on behalf of Conrad’s former clients to evaluate grounds for filing FINRA arbitration recovery lawsuits.

The Financial Industry Regulatory Authority (FINRA) has suspended previously registered New York broker Gilbert Russell Conrad (G. Russell Conrad) after finding that he paid two clients $139,000 to settle complaints without telling his broker-dealer of record at the time. Brokers are not allowed to privately resolve customer disputes. The secret client payments were discovered after the two customers went on to file FINRA arbitration claims.

Our Delaware Statutory Trust Recovery Attorneys Are Investigating Investor Losses

Zero-coupon Delaware Statutory Trusts (DSTs) are highly leveraged, complex 1031 exchange investments that offer no cash distributions, expose investors to “phantom income” tax liabilities, and carry significant illiquidity risks. The law firm Shepherd Smith Edwards and Kantas is investigating claims against brokers who unsuitably recommended these risky Reg D offerings to retail customers and conservative retirees without properly disclosing the associated risks and high fees.

Shepherd Smith Edwards and Kantas (investorlawyers.com) is representing investors who suffered losses in zero-coupon Delaware Statutory Trusts (DSTs), which are also referred to as zero-cash-flow DSTs or zero DSTs.  Structured as a Regulation D offering meant for investors looking to solve tax and structural issues with a1031 Exchange, this is a risky unsuitable investment for retail customers and conservative seniors.

Shepherd Smith Edwards and Kantas Is Representing These Investors in Their Six-Figure FINRA Lawsuit

Two Georgia retirees are seeking up to $500,000 in FINRA arbitration after facing a near-total loss of their principal in The Nine at Memphis Delaware Statutory Trust (DST), a complex private placement issued by Versity Investments. Represented by law firm Shepherd Smith Edwards and Kantas, the couple alleges that brokerage firm Capulent and its financial advisors unsuitably recommended the illiquid, high-risk real estate trust and overconcentrated their account.

Two Georgia retirees are seeking up to $500,000 over losses they sustained in The Nine at Memphis Delaware Statutory Trust (The Nine DST) from Versity Investments (now known as Crew Enterprises). The Respondents in their FINRA arbitration claim are Capulent and its brokers Edwards Eric Fernandez and Justin Matthew Bachman.

Our Structured Product Loss Lawyers Represent Claimants Against Broker-Dealers

Autocallable structured notes are complex, high-risk debt investments that expose retail investors to severe risks—including downside principal loss, issuer default, illiquidity, and capped upsides—despite often being aggressively marketed as safe, high-yield bond alternatives. Consequently, the law firm Shepherd Smith Edwards and Kantas is investigating and representing investors in FINRA arbitration claims against broker-dealers for unsuitable recommendations, misrepresentations, and prioritizing high commission fees over client interests.

Shepherd Smith Edwards and Kantas (investorlawyers.com) is continuing to investigate claims of investors losses involving autocallable structured notes. Even though these high-risk, complex products can be sold to retail investors, they remain unsuitable for many of them and even for certain sophisticated, and accredited investors. This is why it is important that your financial advisor conduct the proper due diligence before marketing and selling autocallable structured notes to you.

Explore Your Legal Options With One Of Our Trusted Collateralized Loan Obligation Loss Attorneys

Our Income Fund Loss Lawyers at Shepherd Smith Edwards and Kantas are actively investigating brokerage firms that unsuitably recommended Priority Income Fund to retail investors and retirees who are now facing massive portfolio losses. These experienced securities attorneys assist affected clients in evaluating their legal options and pursuing financial recovery through FINRA arbitration for misrepresented risks, excessive fees, and severe NAV declines.

As a Priority Income Fund investor, you may be wondering about the recent losses to your investment. Shepherd Smith Edwards and Kantas (investorlawyers.com) can help you figure out what happened and whether you have grounds for suing your financial advisor.

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