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Former Morgan Stanley Financial Advisor Izhar Shefer Accused of Unsuitable Investment Recommendations

Posted on Tuesday, April 9th, 2019 at 9:43 am    

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Did you lose money investing with former Morgan Stanley financial advisor Izhar Shefer (CRD# 1759498)? Shefer has been registered with APW Capital, Inc. in Aventura, Florida from August to December 2018. Previously, Shefer was registered with Morgan Stanley in Aventura, Florida from 2011 to 2017.

Shefer has been the subject of 10 customer complaints between 1998 and 2018, three of which were denied, according to his CRD report. Recent complaints are regarding:

August 2018. “Claimants allege, inter alia, unsuitability with respect to investments in accounts -2011 to 2017.” The customer is seeking $700,000 in damages and the case is currently pending.

May 2018. “Client verbally alleged, inter alia, that investments purchased in accounts were unsuitable – August 2015 to March 2017.” The case was settled for $26,840.

September 2017. “Client alleges unsuitability with respect to investments – July 2015-February 2017. Damages unspecified.” The case was settled for $30,000. This case was regarding options.

October 2016. “Claimants allege, inter alia, that from April 2015 through late 2015 the FA made unsuitable investments.” The case was settled for $43,110.17. This case was regarding options.

May 2016. “Claimant alleges, inter alia, that from June 2015 to November 2015 the FA misrepresented an unsuitable trading strategy.” The customer sought $1 million in damages and the case was settled for $172,500. This case was regarding options.

April 2016. “The claimant alleged, inter alia, unauthorized trading and misrepresentation with respect to option investments – May 2015 to January 2016.” The customer sought $150,000 in damages and the case was settled for $60,000.

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 Shefer’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.