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Investor Alert: Former Morgan Stanley Financial Advisor Wendy B. Purner Feldman

Posted on Wednesday, April 26th, 2017 at 11:34 am    

Erez Law is currently investigating former Morgan Stanley financial advisor Wendy B. Feldman (CRD# 1946800) regarding discretion, unsuitable investment recommendations, unauthorized trades and failure to disclose fees to customers. Feldman has been registered with H. Beck, Inc. in Bethesda, Maryland since 2016. Feldman was previously registered with Morgan Stanley in Washington, DC since 2008, before he was terminated after allegations that she failed to adhere to industry rules and Morgan Stanley policy regarding the use of discretion in customer accounts.

Feldman has been the subject of two customer complaints between 2015 and 2016, according to her CRD report. The most recent case in September 2016, which was settled for $85,000, involves the following allegation: “Client alleges unsuitability. Activity dates are July 2008 to June 2016.”

In July 2015, a client sought $5 million in damages and made the following allegation: “Claimants allege, inter alia, that between 2011 to 2014 the FA engaged in unauthorized trades, made unsuitable purchases, and failed to disclose fees in regards to the client’s accounts.” The legal claims brought against Feldman include unauthorized trading; unsuitable investments; breach of fiduciary duty; fraud; negligent misrepresentation; conversion;financial elder abuse; failure to supervise; negligence; and unfair competition. The client was awarded $8,606,599 in damages, according to the FINRA Dispute Resolution.

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 and H. Beck Inc. may be liable for investment or other losses suffered by Feldman’s customers.

Erez Law represents investors in the United States for claims against former Morgan Stanley financial advisor Wendy B. Feldman, who is alleged to use discretion in customer accounts, recommend an unsuitable investment recommendations, make unauthorized trades and failed to disclose fees to customers. If you were a client of former Morgan Stanley financial advisor Wendy B. Feldman or another firm, 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.