A Financial Industry Regulatory Authority (FINRA) arbitration panel awarded $79,730 to a client of Morgan Stanley’s who sued the firm for allegedly losing almost $1 million of his money on Apple call options. More than half of the money granted represented punitive damages awarded under Alabama state law. David Searcy, the Morgan Stanley broker who had been with the firm for almost five years, was accused of selling the options to the customer. He resigned from the firm in February 2013 during an internal review against him, alleging that he was “soliciting a client to purchase certain CDOs and to participate in a real estate investment outside the firm.” According to FINRA records, David Ross Searcy was previously registered with Amsouth Investment Services in Birmingham, Alabama from August 1992 until September 1999, and Merrill Lynch in Birmingham from September 1999 until March 2013. He is currently registered with Morgan Stanley in Birmingham, and has been since February 2013. He has four customer disputes against him, one of which is currently pending.
Disclaimer
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.
PLEASE NOTE THIS IS ADVERTISING AND IT IS NOT A NEWSPAPER ARTICLE OR POST FROM AN INDEPENDENT OR NON-BIASED, NEWS SITE, NEWS SOURCE OR NEWSPAPER.
