In March 2023, a former client of Morgan Stanley won an award in a FINRA arbitration for compensatory damages for $554,834.70 and $227,438.11 in prejudgement interest for losses sustained from unauthorized trades and rules that were ignored related to how funds in an estate are handled.
The causes of action included breach of fiduciary duty and associated misrepresentations; breach of fiduciary; fraud in connection of breach of fiduciary duty; negligent misrepresentation associated with breach of fiduciary duty; breach of suitability rules; breach of diligence rules; breach of know your customer rules; breach of commercial honor and just and equitable principles of trade; fraud in connection with breach of FINRA rules; negligent misrepresentation in connection with FINRA rules; negligence; breach of contract; and breach of convenant of good faith and fair dealing. The FINRA arbitration hearing was conducted in Chicago, Illinois.
John Rochester Customer Complaints
In addition to the case above, he has been the subject of one additional customer complaint in 2009 that was settled, according to his CRD report.
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 John Rochester’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If you 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.
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