Investigation of Former Morgan Stanley Broker Wade Martin
Posted on Monday, April 5th, 2021 at 6:59 pm
There are options for clients of former Morgan Stanley broker Wade Martin (CRD# 1654126) who suffered investment losses. Martin has been registered with RBC Capital Markets, LLC in Princeton, New Jersey since October 2020. Previously, Martin was registered with Morgan Stanley in Lawrenceville, New Jersey from 2010 to 2020.
In January 2021, Morgan Stanley Wealth Management sued a $6-million team of advisors, including Wade Martin, Arthur Martin, Zachary Martin and Brett Scharf, which joined RBC Wealth Management in October 2020. According to AdvisorHub, Wade and the team, “ignored numerous demand letters asking for return of confidential client information and of proprietary presentations, requiring Morgan Stanley to seek a preliminary injunction and/or temporary order restraining the advisors from continuing their “rampant” client solicitations pending the outcome of a FINRA arbitration hearing, according to a complaint filed in U.S. District Court in New Jersey… The complaint and attached filings say Arthur Martin and his son Wade were allowed to retain contact information on clients serviced before they left UBS to join Morgan Stanley in 2010, but appeared to also take confidential financial information and may have violated privacy laws by sharing it with nonregistered third parties. The team includes five associates of the advisors.”
Martin has been the subject of one customer complaint, according to his CRD report:
January 2019. “Claimants allege, inter alia, unsuitability with respect to CDs investments- 2013-2018.” The customer is seeking $150,000 in damages and the case is currently pending. The complaint was regarding managed wrap accounts and took place while Martin was registered with Morgan Stanley.
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 Martin’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If you 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.