Former Morgan Stanley Financial Advisor Mohamed Yassin Accused of Excessive Trading
Posted on Saturday, March 9th, 2019 at 11:14 am
Erez Law is currently investigating former Morgan Stanley financial advisor Mohamed Yassin (CRD# 1673281) regarding investment losses due to excessive trading. Yassin was registered with National Securities Corporation in Westbury, New York from September 2017 to July 2018. Previously, Yassin was registered with Morgan Stanley in Garden City, New York from 2010 to 2017, when he was terminated regarding, “Allegations regarding registered representative’s failure to verbally confirm transactions prior to execution in clients’ accounts.”
In November 2018, FINRA barred Yassin after he failed to respond to FINRA request for information.
In October 2018, FINRA suspended Yassin 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.
Yassin has been the subject of two customer complaints from 2017, according to his CRD report:
April 2017. “Claimant alleged, inter alia, excessive trading with respect to investments in clients’ accounts – 2012 to 2016.” The customer sought $2 million in damages and the case was settled for $602,717. This case was regarding corporate and municipal debt and common and preferred stocks.
February 2017. “Claimants alleged, inter alia, excessive trading with respect to trust accounts – 2012 to 2016.” The customer sought $3.5 million in damages and the case was settled for $457,034. This case was regarding corporate and municipal debt and common and preferred stocks.
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 Yassin’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.