Former Morgan Stanley Financial Advisor Francis Ciabattoni Has $1 Million Plus Pending Customer Complaint for Unsuitability
Posted on Wednesday, May 9th, 2018 at 1:17 pm
There are options for customers of former Morgan Stanley financial advisor Francis Ciabattoni (CRD# 1011428) who is alleged to recommend unsuitable investments for his customers. Ciabattoni was registered with Morgan Stanley in Wilmington, Delaware from 2009 to February 2018.
Ciabattoni has been the subject of two customer complaints between 1999 and 2018, according to his CRD report:
March 2018. “Claimant alleged, inter alia, unsuitability with respect to investments – 2012 to 2018.” The customer is seeking $1,140,000 in damages and the case is currently pending.
February 1999. “Customer alleges that his investments in TCW/DW North American Gov’t Trust in 1992-1994 were unsuitable and alleges misrepresentations by his financial advisor. Claimed damages are $80,885.” The case was settled for $40,000.
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 Ciabattoni’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.