Warning to Investors: Former Morgan Stanley Financial Advisor Gregg Brian Weiss
Posted on Monday, June 26th, 2017 at 3:37 pm
Erez Law is currently investigating former Morgan Stanley financial advisor Gregg Brian Weiss (CRD# 2416959) regarding unsuitable recommendations in customer accounts. Weiss has been registered with Coastal Equities, Inc. in York, Pennsylvania since 2016. Previously, Weiss was registered with Morgan Stanley in Delray Beach, Florida from 2010 to 2016, before he was “permitted to resign” following “Allegations regarding the representative’s participation in outside activities that were not approved; reimbursement for an expense that he said he did not pay; and the late disclosure of certain tax liens reported in 2015.”
Erez Law is investigating Gregg Brian Weiss for unsuitable and overconcentrated investments in high risk oil and gas investments such as Linn Energy, Seadrill, and Williams Partners.
Linn Energy, LLC was an oil and natural gas company headquartered in Houston, Texas. When global crude oil prices dropped, Linn Energy accrued significant debt. According to the company, Linn Energy, LLC filed a voluntary petition for restructuring under Chapter 11 of the Bankruptcy Code in May 2016 to alleviate itself of $6.06 billion in debt. In February 2017, LINN Energy, Inc. was formed as the reorganized successor to Linn Energy, LLC.
Seadrill is a world leader in offshore deepwater drilling that was once valued at $23.7 billion but with the decline in oil prices, the company is now worth about $398 million with liabilities that exceed its current assets by nearly double. As of April 2017, Seadrill is on the brink of bankruptcy and in the process of a restructuring plan.
Weiss has been the subject of five customer complaints between 1999 and 2016, two of which were settled and one was denied, according to his CRD report:
August 2016. “Client alleged the sale of Goldman Sachs bonds on 4/14/2016 was unauthorized.” The customer sought $20,000 in damages and the case was settled for $20,141.10.
January 2011. “Claimants allege suitability, common law fraud, breach of fiduciary duty, negligence, gross negligence and breach of contract.” The customer sought $100,000 in damages and the case was settled for $12,500.
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 Coastal Equities, Inc. may be liable for investment or other losses suffered by Weiss’ customers.
Erez Law represents investors in the United States for claims against former Morgan Stanley financial advisor Gregg Brian Weiss, who is alleged to make unsuitable investments in customer accounts. If you were a client of former Morgan Stanley financial advisor Gregg Brian Weiss 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.