Former Morgan Stanley Broker David Kraft Investment Loss Options
Posted on Tuesday, September 15th, 2020 at 7:00 pm
Erez Law is currently investigating former Morgan Stanley broker David Kraft (CRD# 2356400) regarding unauthorized trades in customer accounts. Kraft has been registered with Morgan Stanley in Palm Beach Gardens, Florida from 2012 to 2019.
In December 2019, FINRA suspended Kraft 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 July 2019, FINRA barred Kraft after he failed to respond to FINRA request for information.
Kraft has been the subject of five customer complaints between 2007 and 2021, one of which was denied and one was closed without action, according to his CRD report. Recent complaints are regarding:
March 2021. “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. The complaint took place while Kraft was registered with Morgan Stanley.
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. The complaint took place while Kraft was registered with Morgan Stanley.
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 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.