FINRA has barred former Morgan Stanley broker Matthew Singer for failing
to appear for an on-the-record testimony during an investigation into
allegations of unsuitable options trading recommendations.
After several customers filed complaints against Singer alleging Singer
made unsuitable options recommendations, in 2016 FINRA commenced an investigation
into the allegations. When FINRA requested that Singer appear for testimony
in March 2018, he refused, violating FINRA rules. As a result, he was
barred from acting as a broker.
According to FINRA, Singer was terminated from Morgan Stanley in March
2016 due to concerns regarding his conduct involving a client arbitration
matter reviewed by the firm
During his time as a broker, Singer racked up three customer disputes alleging
unauthorized trading, misrepresentation, unsuitable investments, and
unsuitable options trading recommendations.
Have You Lost Money Due to Unsuitable Options Trading?
Options are contracts that grant the investor right to buy or sell stocks
at a prenegotiated price by a specific date. Options trading can be an
appropriate investment strategy for experienced investors with aggressive
risk tolerances, and they can add flexibility to an investor's portfolio.
Options trades can be simple, "one-legged" transactions, or
they can be extremely complex. For inexperienced investors or those with
low risk tolerances, the recommendation for more complex, high-risk options
trading may be unsuitable.
Securities laws and FINRA rules require brokers like Matthew Singer to
only recommend investment products and strategies that are suitable for
their customers. Suitability is determined by the investor's age,
risk tolerance, financial status, experience, investment objectives and
needs. When brokers recommend unsuitable options trading, they are in
violation of FINRA rules and they, and their brokerage firms, can be held
liable for the financial losses that their customers incur.
If you lost money due to unsuitable options trading recommendations while
working with Matthew Singer, Meyer Wilson would like to hear from you.
Call our investment loss attorneys today at (888) 390-6491 for a case