The Financial Industry Regulatory Authority (FINRA) recently barred former
Morgan Stanley Broker Michael Ralby of Boca Raton, FL for declining to
participate in an investigation into allegations that he accepted loans
from clients. Under FINRA rules, brokers cannot accept loans from customers
without prior authorization from their brokerage firms. And, under FINRA
rules, brokers must comply with FINRA's investigations.
After working as registered representative for Morgan Stanley from 2013
to 2018, the firm terminated Ralby's association on January 9, 2018.
According to his FINRA BrokerCheck report, he has been the subject of
six customer complaints, two of which are currently pending. The pending
complaints both allege that Ralby made misrepresentations regarding the
risk level of investments he recommended.
The Financial Industry Regulatory Authority's decision to bar Ralby
came after the broker turned down requests to take part in the FINRA investigation
into the allegations against him.
Meyer Wilson Investigates
Under FINRA rules and regulations, financial advisors are not allowed to
accept loans from customers without receiving prior, written authorization
from their brokerage firms. Brokerage firms are required to adequately
supervise the actions of their advisors and take steps to ensure compliance
with industry rules and standards. Brokerage firms may be held liable
for the damages caused by the actions of their brokers if the brokerage
firm did not properly supervise the offending broker.
If you lost money while investing with Michael Ralby, Meyer Wilson would
like to hear from you. Give our investment fraud attorneys a call at (888)
schedule a free case evaluation today.