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CHARLOTTE, N.C., April 27, 2022 (GLOBE NEWSWIRE) — National investment fraud lawyers KlaymanToskes is investigating FINRA arbitration claims on behalf of customers of Shawn Good, who was a Morgan Stanley (NYSE: MS) broker at the firm’s Wilmington, NC branch location.
In April 2022, the SEC filed a Complaint alleging that North Carolina-based Morgan Stanley broker and investment adviser Shawn Edward Good defrauded clients and misappropriated millions of dollars of investor funds through a 10-year Ponzi scheme. From December 2012 to February 2022, Good allegedly told clients that he would use client funds invest in land development projects and tax-free North Carolina state or municipal bonds on their behalf. Good touted the investments as “low-risk” and told clients that it would pay returns of between 6% and 10% over three-month or six-month terms. Instead, Shawn Good used investor funds to repay former investors and pay his personal expenses.
According to securities attorney Lawrence L. Klayman, Esq., “The SEC’s allegations that Shawn Good operated a Ponzi scheme for 10 years while registered with Morgan Stanley is extremely troubling. Brokerage firms like Morgan Stanley have a duty to supervise all of the activities of their financial advisors. Their failure to do so results in liability, and is a basis for a FINRA arbitration claim.”
The sole purpose of this release is to investigate FINRA arbitration claims relating to Morgan Stanley’s supervision of Shawn Good and his alleged Ponzi scheme. Customers of Shawn Good at Morgan Stanley who have information related to the handling of their investments are encouraged to contact securities attorney Lawrence L. Klayman, Esq. at 1-888-997-9956.
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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 more than $230 million for investors in FINRA arbitrations. KlaymanToskes has office locations in California, Florida, New York, and Puerto Rico.
Destination: https://klaymantoskes.com/shawn-good-morgan-stanley-ponzi-scheme-recover-investment-losses-lawsuit/
Contacts
KlaymanToskes
Lawrence L. Klayman, Esq.
1-888-997-9956
lklayman@klaymantoskes.com
www.klaymantoskes.com