According to a recent InvestmentNews article, the Financial Industry Regulatory Authority (FINRA) barred former Morgan Stanley representative Anthony Joseph Verzi from the securities industry after he refused to testify at a hearing after alleged trading abuses. FINRA had been investigating him as to whether he traded unsuitable unit investment trusts (UITs) in customer accounts. This is against securities laws. UITs can be risky and illiquid investments that are not suitable for all investors. A broker must take into account a customer’s age, net worth, investment objectives and investment sophistication before recommending a security. If he does not, his brokerage firm may be liable for investment losses. Mr. Verzi was previously registered with Morgan Stanley in Melbourne, Florida from October 1983 until April 2007, Morgan Stanley & Co. Inc. in Melbourne from April 2007 until June 2009 and Morgan Stanley in Melbourne from June 2009 until August 2016. He has two customer disputes against him, one of which is pending and is barred from the industry. Please call our Chicago-based law firm today at 312-332-4200 if you suffered losses with Mr. Verzi. We may be able to help you bring a claim against Morgan Stanley in the FINRA arbitration forum on a contingency fee basis. The call to us is free.
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