Former Morgan Stanley Broker Charles Correal Accused of Unsuitable Investment Recommendations
Posted on Tuesday, April 6th, 2021 at 12:59 am
Erez Law is currently investigating former Morgan Stanley broker Charles Correal (CRD# 1366202) regarding unsuitable investment recommendations. Correal has been registered with Harvest Financial Corporation in Pittsburgh, Pennsylvania since 2016. Previously, Correal was registered with Morgan Stanley in Upper St. Clair, Pennsylvania from 2013 to 2016.
Correal has been the subject of six customer complaints between 2015 and 2020, according to his CRD report:
September 2020. “Claimant alleges, inter alia, unsuitability with respect to investments – August 2014 to June 2015.” The case is currently pending. The complaint was regarding common and preferred stocks. The complaint took place while Correal was registered with Morgan Stanley.
August 2017. “Claimant alleged, inter alia, unsuitability with respect to investments in his account during 2009 to 2016.” The customer sought $150,000 in damages and the case was settled for $75,000. The complaint was regarding common and preferred stocks.
April 2017. “Claimaint alleges, inter alia, that stocks purchased in client’s account from 2012 to 2015 were unsuitable. Per MS filing 3/14/18, claimant alleged that the FA invested her account in unsuitable securities including structured products and misrepresented the risks of the investments 12/01/2012 – 07/31/2015.” The customer sought $22,600 in damages and the case was settled for $4,750.
April 2017. “Claimant alleges, inter alia, unsuitability in respect to investments made in her retirement account from 2011 to 2016.” The customer sought $38,426.27 in damages and the case was settled for $7,500.
February 2016. “Claimants allege, inter alia, that from 2008 to January 2016 the FA made unsuitable investments in energy stocks.” The customer sought $180,000 in damages and the case was settled for $110,000.
February 2015. “Client alleged, inter alia, that the oil stocks purchased in her account, were unsuitable. 2011-2015.” The customer sought $260,000 in damages and the case was settled for $124,000. The complaint was regarding common and preferred stocks.
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 Correal’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.