National investment fraud lawyers KlaymanToskes is investigating Michael Kelly Spector (CRD# 2857657) after the broker received an investor complaint alleging over $15 million in damages due to an unsuitable options investment strategy. Spector is currently registered with Morgan Stanley’s Peachtree Rd, Atlanta, GA branch. He has 25 years of experience in the securities industry and holds 49 state licenses.
If you have suffered investment losses due to the mismanagement of your accounts by Michael Kelly Spector and/or Morgan Stanley, contact attorney Lawrence L. Klayman at (888) 997-9956 or lklayman@klaymantoskes.com to discuss your recovery options.
Under FINRA (Financial Industry Regulatory Authority) suitability requirements, FINRA Rule 2111, all registered financial professionals and their firms have a responsibility to recommend suitable financial offerings and trading strategies based on their customers’ financial interests.
Under FINRA’s suitability rule, brokerage firms and financial advisors are required to have a “reasonable basis” for recommending investments or investment strategies. According to FINRA Rule 2111, “reasonable basis” includes two components. The first is that a broker must perform “reasonable diligence” to understand the nature of the recommended security or investment strategy, along with the potential risks and rewards. The second is that the broker must determine whether the investment recommendation is suitable for at least some investors, based on the understanding of the first component.
In order to comply with “reasonable basis” and “reasonable diligence” requirements, there are numerous factors related to the customer that must be considered by the financial professional to ascertain the suitability of an investment recommendation or investment strategy for a particular client. This may include the following:
KlaymanToskes can help you determine if your investment loss is due to unsuitable investment advice. We offer free consultations, and every case is taken on a contingency basis, meaning we do not collect attorney’s fees unless we are able to obtain a financial recovery for you.
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About KlaymanToskes
KlaymanToskes is a leading national securities law firm which practices exclusively in the field of securities arbitration and litigation on behalf of retail and institutional investors throughout the world in large and complex securities matters. The firm has recovered more than $250 million for investors in FINRA arbitrations and over $350 million in other securities litigation matters for its clients. KlaymanToskes has office locations in California, Florida, New York, and Puerto Rico.
Contact
Lawrence L. Klayman, Esq.
888-997-9956