Published On: July 30, 2015

Morgan Stanley was ordered by the Financial Industry Regulatory Authority (FINRA) to pay $2.4 million because of Mark Wyatt, a former broker who had claims brought against him for unauthorized and excessive stock-market trading. Mr. Wyatt was accused of purchasing thinly-traded stocks for clients that he himself owned, while also putting speculative bets on exchange-traded funds for other clients. A FINRA panel awarded the $2.4 million decision on July 24th after four other cases settled or resolved. Two more cases against him are pending and Wyatt was found liable in two additional cases. Wyatt was terminated from Morgan Stanley in 2012 and hasn’t worked as a registered broker since. Others who were named in the case were branch manager Fred Eugene Brister III and adviser Hilary Zimmerman, who was the senior vice president. They continue to work for Morgan Stanley. The firm will pay fees and interest on top of the $2.4 million.

If you invested money with Mark Wyatt, you may be entitled to recover your investment losses through the FINRA arbitration process. Please call our securities law firm at 312-332-4200 for a free consultation with one of our attorneys.

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