National investment loss lawyers KlaymanToskes is investigating former Morgan Stanley broker/investment advisor Seth Gordon Mason (CRD# 1540891) following the filing of a customer complaint alleging $923,881.37 in damages due to an unsuitable investment strategy.
According to FINRA BrokerCheck, Seth Gordon Mason was registered as a broker/investment advisor with Morgan Stanley from 2009 to 2022 in Grand Rapids, MI. He has seven customer complaints disclosed of which four have been settled in favor of investors.
Investors that suffered losses with Seth Mason and/or any other broker at Morgan Stanley may have recovery options. Contact attorney Lawrence L. Klayman, Esq., at 888-997-9956 or lklayman@klaymantoskes.com for a free consultation to discuss legal options. We do not collect attorney’s fees unless we are able to obtain a financial recovery for you.
Former Morgan Stanley broker/investment advisor Seth Gordon Mason (CRD# 1540891) has seven customer complaints disclosed according to FINRA BrokerCheck. The most recent complaint filed is pending and the customer alleges $923,881.37 in damages to their Morgan Stanley account due to an unsuitable investment strategy.
Seth Mason’s six previous customer complaints are listed below:
In the four month period from September 2022 to December 2022, Morgan Stanley was censured three times and ordered to pay over $126 million in fines and restitution to customers by regulators, including both FINRA and the SEC.
Morgan Stanley & Co. entered into a Cease and Desist Order with the Securities and Exchange Commission (“SEC”) in September 2022 whereby the firm was ordered to pay a civil penalty in the amount of $125,000,000 to the SEC.
According to the SEC’s order, the firm failed to reasonably supervise its employees’ off-channel communications. The SEC stated that “Morgan Stanley’s failure was firmwide, and involved employees at all levels of authority.”
In November 2022, Morgan Stanley entered into a regulatory agreement known as a Letter of Acceptance, Waiver, and Consent with FINRA’s Department of Enforcement, in which the firm consented to a fine of $200,000 and was ordered to pay $497,897 in restitution to customers.
Morgan Stanley allegedly failed to evaluate whether the recommendations being made by its representatives were consistent with the customers’ investment profiles. This led to customers of the firm sustaining realized losses as a result of the recommended trades.
In December 2022, Morgan Stanley entered into another Letter of Acceptance, Waiver, and Consent with FINRA’s Department of Enforcement. The Department found that Morgan Stanley failed to provide some of its customers with “mutual fund sales charge waivers and fee rebates”. The firm was ordered to pay restitution to affected customers in the collective amount of $802,483.47.
Investors that suffered losses with Seth Gordon Mason and/or any other broker at Morgan Stanley may have recovery options. Contact attorney Lawrence L. Klayman, Esq., at 888-997-9956 or lklayman@klaymantoskes.com for a free consultation to discuss legal options. We do not collect attorney’s fees unless we are able to obtain a financial recovery for you.
KlaymanToskes is a leading national securities law firm which practices exclusively in the field of securities arbitration on behalf of retail and institutional investors throughout the world in large and complex securities matters. The firm has recovered over $250 million in FINRA arbitrations and over $350 million in other securities litigation matters. KlaymanToskes has office locations in California, Florida, New York, and Puerto Rico.
KlaymanToskes, P.A.
Lawrence L. Klayman, Esq.
888-997-9956
lklayman@klaymantoskes.com
www.klaymantoskes.com