What Did Your Brokerage Firm or Investment Adviser Do Wrong With GWG
Published On: August 26, 2015

Stoltmann Law Offices is investigating Eric Andre Dallas Sr., a former registered representative with Morgan Stanley. According to his Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA), Dallas is accused of participating in a check kiting scheme in which he allegedly wrote checks to himself drawn against his two personal brokerage accounts that he maintained at Morgan Stanley. Dallas allegedly knew that the two accounts contained insufficient funds to cover the costs of the checks. In 2013 alone, Dallas wrote 85 checks totaling $44,000. He also approved bounced checks in his personal accounts, ultimately clearing the checks despite that fact that he had insufficient funds. He also reversed various fees that had been charged to his account, including over 250 returned check fees totaling over $6,000. Dallas wrote each check from one bank account and deposited it into the second account, and then immediately withdrew money from that second bank account, even though he knew there was not enough money in the second account to do so. This is against securities rules and regulations and is illegal. For this he was permanently barred from the industry by FINRA.

Dallas was registered with Citigroup Global Markets in New York, New York from December 1999 until June 2009, and Morgan Stanley in New York from June 2009 until October 2013. He has no customer disputes against him and is not currently registered with any member firm. He is not licensed within the industry and has been permanently barred from associating with any FINRA member firms.

Firms such as Morgan Stanley have a duty to reasonably supervise their registered representatives. If they do not, they can be held liable for investment losses. If you or someone you know lost money with Eric Andre Dallas or Morgan Stanley, please call our securities law office in Chicago at 312-332-4200 to speak to one of our attorneys. The call is free with no obligation. We may be able to discuss bringing a claim against Morgan Stanley to recover any investment losses you may have suffered.


The posting on this site are mere OPINIONS and NOT statements of fact in any way whatsoever. The information should not be relied upon and there have been no findings made against the firms or individuals referenced on this site. In addition, this Blog is made available for educational purposes only and incorporates information from the web as well as to give you general information and a general understanding of the law, not to provide specific legal advice. By using this blog site you understand that there is no attorney client relationship between you and Stoltmann Law Offices (161 N Clark Street 16th Floor Chicago, IL 60601). The Blog opinions should not be used as a substitute for competent legal advice from a licensed professional attorney in your state.


Chicago Investment Fraud Attorneys Offering Nationwide Representation to Investors

If you have suffered financial losses because of the negligence or fraud of your financial advisor or broker through unsuitable investment recommendations, over-concentration, churning, misrepresenting risks, conversion or selling away, you have legal rights and options to pursue recovery of those losses.

Stoltmann Law Securities Investment Fraud Attorneys