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Former Morgan Stanley Broker David Kraft Investment Loss Options

Posted on Tuesday, September 15th, 2020 at 7:00 pm    

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Did you lose money investing with former Morgan Stanley broker David Kraft (CRD# 2356400)? Kraft was registered with Morgan Stanley in Palm Beach Gardens, Florida from 2012 to 2019.

In December 2019, FINRA suspended Kraft indefinitely after he “failed to comply with an arbitration award or settlement agreement or to satisfactorily respond to a FINRA request to provide information concerning the status of compliance.”

In November 2019, FINRA barred Kraft after he failed to respond to FINRA request for information. Moreso, “Pursuant to FINRA Rule 9552(h) and in accordance with FINRA’s Notice of Suspension and Suspension from Association letters dated July 31, 2019 and August 26, 2019, respectively, on November 4, 2019, Kraft is barred from association with any FINRA member in all capacities. Respondent failed to request termination of his suspension within three months of the date of the Notice of Suspension; therefore, he is automatically barred from association with any FINRA member in all capacities.”

Kraft has been the subject of five customer complaints between 2007 and 2020, one of which was denied and one was closed without action, according to his CRD report. Recent complaints are regarding: 

March 2020. “Client alleges that Mr. Kraft removed funds from a trust account without authorization.” The customer is seeking $1,201,922.12 in damages and the case is currently pending. 

March 2020. “Client alleges that Mr. Kraft removed funds from her accounts without authorization.” The customer is seeking $716,528.06 in damages and 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 Kraft’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.