Former Morgan Stanley Financial Advisor James Mewhinney III CEF Losses
Posted on Monday, April 29th, 2019 at 8:19 pm
Former Morgan Stanley financial advisor James Mewhinney III (CRD# 857321) accused of excessive trading related to Closed End Funds (CEFs). Mewhinney has been registered with Morgan Stanley in Dallas, Texas from 2009 to August 2018.
Mewhinney has been the subject of two customer complaints between 2008 and 2018, according to his CRD report. The recent complaint is regarding:
November 2018. “Attorney for trustee alleges FA made excessive and unsuitable closed end fund transactions. 2017.” The customer is seeking $550,000 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 Mewhinney’s customers.
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