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Morgan Stanley Broker William Dumchus Accused of Unsuitable Recommendations

Posted on Monday, June 21st, 2021 at 8:20 pm    

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Erez Law is currently investigating Morgan Stanley broker William Dumchus (CRD# 1098533) regarding unsuitable investment recommendations. Dumchus has been registered with Morgan Stanley in Short HIlls, New Jersey since 2014. 

Dumchus has been the subject of two customer complaints in 2018, according to his CRD report:

October 2018. “Claimant alleges that from 2006 through 2017, the FA presented an unsuitable investment plan.” The case is currently pending. The claimant sought damages in excess of $350,000 and the case was settled for $75,000. The case is regarding common and preferred stocks. 

October 2018. “Claimant alleges that from 2006 through 2017, FA presented an unsuitable investment plan.” The case is currently pending. The claimant sought damages in excess of $350,000 and the case was settled for $65,000. The case is regarding 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 Dumchus’ 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.