The Law Firm of David Chase are investigating claims of unauthorized trading, unsuitable recommendations and breach of fiduciary duty by New York-based Morgan Stanley (CRD # 149777) broker Barry F Connell (CRD #3070984) after FINRA suspended him.
According Connell’s FINRA BrokerCheck report, FINRA suspended and permanently barred Connell in January of 2017 after he failed to respond to a FINRA information request. According to Connell’s BrokerCheck report, he exercised discretionary authority in customers’ accounts. On multiple occasions, it is alleged that Connell issued wire transfers and checks from his client’s account’s purely for his benefit. FINRA concluded that Connell’s actions resulted in the misappropriation of over $5 million dollars in investment client’s funds.
The FINRA suspension follows Connell’s termination from Morgan Stanley in November 2016. Morgan Stanley terminated Connell because he allegedly conducted unauthorized trades and transferred funds from clients’ accounts without permission. A previous complaint alleging unauthorized trading against Mejia-Gomez was settled for over $2.5 million dollars.
Previously, Connell was employed at various subsidiaries of Morgan Stanley. These included Morgan Stanley Private Bank and Morgan Stanley Smith Barney. Currently, Connell is not a registered broker or investment adviser.
Unauthorized trading occurs when a broker executes a transaction without the permission of the customer in a non-discretionary account. According to FINRA, it is one of the common investor issues along with misrepresentation, cold-calling, and unsuitability.
Unauthorized discretion is a serious form of broker misconduct. A broker’s employing firm is responsible for overseeing the broker to prevent such misconduct.
FINRA arbitration is a fast, efficient way to recover your lost investment funds due to unauthorized trading. We work on a contingency fee basis, meaning you pay us nothing unless we recover money for you.
If you have invested with Barry F Connell and Morgan Stanley and have lost money doing so, you may be able to recover some or all your losses. My law firm is experienced in recovering investor losses due to broker and brokerage firm misconduct through FINRA arbitration.
The Law Firm Of David R. Chase represents the interests of investors who have been the victims of investment fraud. If you have questions about your legal rights, please contact David Chase of The Law Firm of David Chase for a free consultation email firstname.lastname@example.org or toll-free (800)-760-0912.