Warning to Investors: Unsuitable Investments with Morgan Stanley Financial Advisor David Janny
Posted on Wednesday, May 9th, 2018 at 2:51 pm
Did you lose money investing with Morgan Stanley financial advisor David Janny (CRD# 1272727) regarding unauthorized, unsuitable and excessive short-selling in customer accounts? Janny has been registered with Morgan Stanley in Westport, Connecticut since 2012.
Janny has been the subject of five customer complaints between 2008 and 2018, one of which was denied, according to his CRD report:
March 2018. “Client alleges that his FA aggressively traded his account without his knowledge or consent. 2008-2014.” The case is currently pending.
April 2014. “Claimant alleges unauthorized, unsuitable and excessive short -selling in her account. Time frame 2010 – 2012.” The customer sought $300,000 in damages and the case was settled for $75,000.
January 2011. “Claimant alleges her account was aggressively traded in high risk investments that were contrary to her wishes and stated objectives. Time frame: 12/2003-4/2010.” The customer sought $130,000 in damages and the case was settled for $135,000.
November 2009. “Time frame: March 21, 2009 – September 1, 2009 The client alleges that his financial advisor purchase of ETF’s were unsuitable. Client further alleges the fa failed to follow his instructions to stop purchasing ETF’s and instead made numerous purchases without his approval.” The customer sought $100,000 in damages and the case was settled for $9,950.
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 Janny’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.