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Barred Broker: Former Morgan Stanley Financial Advisor Anthony Ferrone

Posted on Saturday, September 30th, 2017 at 7:57 am    

Erez Law is currently investigating former Morgan Stanley financial advisor Anthony Ferrone (CRD# 1192506) regarding unsuitable trading of unit investment trusts (UITs). Ferrone has been registered with Ameriprise Financial Services, Inc. in Paramus, New Jersey from September 2016 to April 2017. Previously, he was registered with Morgan Stanley in Ridgewood, New Jersey from 2011 to 2016.

In July 2017, FINRA barred Ferrone after he refused to provide complete testimony during the course of FINRA’s investigation into his potential unsuitable trading of UITs in customer accounts. UITs are investment companies that offer a fixed portfolio, generally of stocks and bonds, as redeemable units to investors for a specific period of time. UITs are designed to provide capital appreciation and/or dividend income.

Ferrone has been the subject of four customer complaints between 1999 and 2004, two of which were denied, according to his CRD report:

June 2003. “Client brings claims against broker for misrepresentation & unsuitable investment, which resulted in losses in his account.” The customer sought $108,869 in damages and the case was settled for $40,000.

March 1999. “Client alleged churning and unauthorized trading seeks damages in excess of $10,000. Complaint received by morgan stanley dean witter.” The case was settled for $15,000.

Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Morgan Stanley may be liable for investment or other losses suffered by Ferrone’s customers.

Erez Law represents investors in the United States for claims against former Morgan Stanley financial advisor Anthony Ferrone, regarding unsuitable trading of UITs. If you were a client of Morgan Stanley or another firm, and have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.