Meyer Wilson is investigating allegations that former Morgan Stanley broker
Randall Hayes sold customers unsuitable inverse and leveraged ETFs (exchange
According to allegations made by the Washington Securities Division, while
serving as an investment adviser representative and securities salesperson
for Morgan Stanley Smith Barney, Hayes invested in inverse and leveraged
ETFs in numerous client accounts. Despite his fiduciary duty to act in
the best interests of his customers, he made investments that are generally
not suitable for retail customers if held for more than one trading session.
Hayes invested about $100,000 from one customer's account and held
the investments for months and years, allegedly resulting in more than
$63,000 in losses.
This isn't the first time clients have filed complaints against him
for allegedly making unsuitable investments. According to his
Broker Check report, Hayes has three settled disputes from 2013 and 2015, all involving unsuitability.
Though he is not currently registered, Hayes worked in the securities industry
for 23 years and was employed by Morgan Stanley from 2009 to 2016, when
Did You Suffer Financial Losses While Investing With Randall Hayes?
Making unsuitable investment recommendations is serious business, often
resulting in clients losing substantial sums of money.
If you lost money because of unsuitable investments made by Randall Hayes
or another broker,
Meyer Wilson would like to hear from you. Give our office a call at (888) 390-6491 to see if we can help you recover