Our Houston Securities Attorneys and Investment Fraud Attorneys Can Help You Explore Your Legal Options
Beginning August 26, 2022, the Financial Industry Regulatory Authority (FINRA) has barred former Morgan Stanley broker Doug Marshall McKelvey. The decision comes after the ex-Texas financial advisor refused to provide the information requested by the self-regulatory organization (SRO) in the latter’s inquiry into his firing by the broker-dealer in April 2022.
Morgan Stanley claims that they terminated McKelvey’s employment because he allegedly misappropriated funds from and engaged in unauthorized activities in the accounts of clients. McKelvey has consented to FINRA’s findings resulting in the permanent and indefinite bar.
In May 2022, a claimant filed an investor losses claim accusing McKelvey of misappropriating monies from their accounts. An earlier customer dispute brought by an investor in 2008 led to a $175K settlement.
Doug McKelvey was a Morgan Stanley broker for 12 years. Before that, he was registered with Citigroup and previous to that with UBS Financial. He worked for 20 years in the industry.
What Should You Do If You Suffered Serious Losses While With a Morgan Stanley Broker?
It is important that you contact a seasoned securities attorney and investment fraud law firm right away. This is not the kind of dispute that you will want to resolve directly with the firm because it is highly unlikely that they will want to admit to stockbroker negligence or misconduct. Also, with almost 15,500 financial advisors and $2.7M trillion in client assets, Morgan Stanley has a team of lawyers on hand protecting their interests.
An expert securities lawyer can help you file a claim against the broker-dealer while protecting your legal rights.
What If Morgan Stanley Was Unaware of The Alleged Stockbroker Misconduct?
As the brokerage firm you retained to handle your investments, Morgan Stanley has a duty to properly supervise your accounts and the activities of its registered financial advisors. Even if the firm was unaware that your broker engaged in churning, unauthorized trading, misappropriation, or any other wrongdoing, you can still try to hold the firm liable for your losses.
Why Should You Work With SSEK Law Firm’s Securities Lawyers For Investment Fraud?
Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) have been fighting for investors for more than 30 years. Our experienced Texas securities attorneys have gone up against the largest brokerage firms on Wall Street and recovered many millions of dollars for thousands of clients. Call (800) 259-9010 today.