In October 2018, a former client of Morgan Stanley won an award in a FINRA arbitration for compensatory damages for $34,537.20 for losses sustained from energy sector losses..
The investors were clients of financial advisor Edward Lamson (CRD# 301298). The panel recommended the expungement of this case from Lamson’s record.
The causes of action included deliberate mismanagement of account, intentional or reckless failure to supervise and to monitor activities in the account, breach of fiduciary duty, fraud, unfair and deceptive business practices, and violations of Massachusetts General Law Chapter 110A, Section 410. The causes of action relate to energy-sector equities. The FINRA arbitration hearing was conducted in Boston, Massachusetts.
Lamson has been registered with Morgan Stanley in Boston, Massachusetts since 2009.
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 Lamson’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If 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.