According to a recent Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA), Patrick Combs was accused of participating in a $500,000 private securities transaction that involved a Morgan Stanley customer when he was registered with Morgan Stanley. He also allegedly violated securities laws by submitting false answers concerning the private securities transaction in annual compliance questionnaires. Between August 2012 and September 2012, Combs and his customer, who was a professional athlete, engaged in email communications and telephone conferences discussing the customer’s investment in a sports drink company, of which he would be the spokesperson. The customer invested $500,000 in the company and received a convertible promissory note with a maturity date. Combs did not disclose this to Morgan Stanley, which is against securities laws. Combs ws suspended from the industry for seven months and fined $7,500.
Combs was registered with Morgan Stanley in Houston, Texas from June 2005 until April 2007, Morgan Stanley in Arlington, Texas from April 2007 until June 2009, Morgan Stanley in Southlake, Texas from June 2009 until March 2016 and IMS Securities in Houston from March 2016 until April 2016. He has one customer dispute against him, which is pending and is currently not registered within the industry. If you suffered losses with Patrick Combs, please call our law firm at 312-332-4200 today to speak to an attorney about your losses. The call is free with no obligation. We may be able to help you bring a claim against Morgan Stanley in the FINRA arbitration forum on a contingency fee basis.
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