Erez Law is currently investigating former Morgan Stanley financial advisor Anthony Joseph Verzi (CRD# 1186572) related to the improper excessive trading in Unit Investment Trusts (UITs). Verzi was registered with Morgan Stanley in Melbourne, Florida since 1983.
UITs are exchange-traded mutual funds with an unmanaged portfolio of securities having a definite life. They are managed without a board of directors. These UITs required the customers to pay substantial sales charges, most of which were in dealer concessions – revenue from the sale of securities product. If a financial advisor recommends the purchase and sale of UITs solely to generate commission, then he may have engaged in wrongful conduct.
Verzi has been the subject of one customer complaint, according to his CRD report:
December 2016. “Client alleged that their investments in Unit Investment Trusts were recommended to them in order to generate commissions. 2014-2016 damages unspecified.” The case is currently pending.
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 Verzi’s customers.
Erez Law represents investors in the United States for claims against former Morgan Stanley financial advisor Anthony Joseph Verzi, related to the excessive trading in Unit Investment Trusts. If you were a client of former Morgan Stanley financial advisor Anthony Joseph Verzi 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.