Did you lose money with Sylvester King, formerly of Morgan Stanley Smith Barney and Wells Fargo Advisors? If so, please call our securities law firm based in Chicago, Illinois at 312-332-4200 to speak with one of our securities attorneys. We may be able to help you bring claims against the two brokerage firms if you suffered financial losses because of Sylvester King. The call is free with no obligation and we take cases on a contingency fee basis only. According to his AWC, King assisted a fellow Wells Fargo broker in concealing nearly $400,000 in loans to three firm customers, loaned $25,000 to a customer without permission, participated in undisclosed private securities transactions (“selling away”) and provided false information on two Morgan Stanley questionnaires.
In 2009, FINRA alleged that King and a business partner started PKG, a Florida branch office registered through Morgan Stanley and then Wells Fargo. From November 2011 through January 2012, King and his partner loaned $399,500 to three NFL and NBA professional athletes. In order to conceal the activity from Wells Fargo, King and his partner wired the funds to an entity they named “BPKG,” which was actually an entity owned by King and his partner as well as some family members.
On another occasion, King engaged in a private securities transaction from July 2009 through February 2012. The private securities transaction went through a company called “GVC,” a startup internet branding company managed by a friend of King’s partner. King and his partner referred many clients to invest in the startup. Eight clients purchased $3.08 million of preferred GVC stock. In the industry, this is referred to as “selling away,” which is when a broker recommends and sells a security not offered by his member firm for the sole purpose of garnering commissions for himself. It is against securities rules and regulations.
King was registered with Banc of America Investment Services in Ft. Lauderdale, Florida from October 1999 until November 2006, Citigroup Global Markets, also in Ft. Lauderdale from November 2006 until June 2009, Morgan Stanley in Ft. Lauderdale from June 2009 until October 2011 and Wells Fargo in Ft. Lauderdale from October 2011 until May 2015. He has two customer disputes against him, both of which are currently pending. He is not licensed within the industry, nor is he registered with any FINRA member firm.
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.
