Meyer Wilson Investigating Claims Against Former Broker Nicholas Bonacci
The securities fraud attorneys at Meyer Wilson are currently investigating claims against former broker Nicholas M. Bonacci (CRD# 5358479).
According to the United States Securities and Exchange Commission (SEC), former Morgan Stanley & Co., LLC broker Nicholas M. Bonacci (CRD# 5358479) was suspended from associating with any securities brokerage firms for 12 months and is required to pay a $100,000 civil money penalty.
Through the course of their investigation, the SEC discovered that Bonacci misled clients while buying and selling residential mortgage-backed securities (RMBS) at Morgan Stanley. Part of his job involved working with customers to arrange trades by purchasing an RMBS from one customer and selling it to a different customer.
On five separate occasions in 2012, the SEC found that Bonacci either misled customers about how much Morgan Stanley initially paid for the RMBS and how much the firm would be compensated, and in some cases misrepresented that rather than arranging a trade between customers, he was in fact selling one customer an RMBS already owned by Morgan Stanley. Through his misconduct, Bonacci was able to generate more revenue for Morgan Stanley. He also became the co-head of the RMBS desk at Morgan Stanley in 2013.
The full details of Bonacci’s activities can be found in the SEC’s report, but according to the SEC, he generated approximately $920,000 for Morgan Stanley through the trades brokered after misleading clients. Morgan Stanley placed Bonacci on administrative leave in March of 2014. He eventually resigned from the firm in February of 2016.
If you lost money investing with former Morgan Stanley broker Nicholas Bonacci due to his misleading claims or statements, contact the investment fraud lawyers at Meyer Wilson today to discuss your claim. We may be able to help you recover some or all of your losses, and all cases are handled on a contingency fee basis, which means that we won’t charge any legal fees until we help you recover your money.