SARASOTA, FL, USA, April 3, 2024 /EINPresswire.com/ — National investment loss and securities lawyers KlaymanToskes issues an important notice to customers of former financial advisor Jimmy Driggers and Morgan Stanley in Sarasota, FL. Following allegations of private securities transactions/“selling away” and the filing of over $4 million in customer complaints with the Financial Industry Regulatory Authority (“FINRA”), the law firm encourages all customers of Jimmy Driggers who suffered investment losses to immediately contact KlaymanToskes to discuss their accounts at 888-997-9956.
KlaymanToskes reports that it has launched an investigation into former financial advisor Jimmy Driggers and Morgan Stanley, following allegations of unsuitable and unauthorized investment recommendations. The law firm has been contacted by clients of Jimmy Driggers who experienced investment losses at Morgan Stanley due to broker/investment advisor misconduct.
According to FINRA BrokerCheck, Jimmy Yang Driggers (CRD# 1359593) was previously registered with Morgan Stanley from 2009 to May 2021 in Sarasota, FL. Driggers has been hit with two pending customer complaints which allege over $4 million in collective investor damages, including one complaint that alleges that Driggers used funds from liquidity asset lines (“LALs”) set up without the customers’ knowledge, to invest in an outside real estate investment owned by himself and his family.
KlaymanToskes’ investigation found that by using funds from his customers’ liquidity asset lines, which are non-purpose securities loans, to invest in his personal real estate investments, Driggers engaged in “selling away” from Morgan Stanley. “Selling away” occurs when a financial advisor sells an investment to a customer without approval from his/her brokerage firm, generally with the expectation that they will be paid a selling compensation.
When brokers deviate from their firm’s list of approved offerings and choose to offer clients unapproved securities, they are “selling away” from their firm and are subject to FINRA sanctions. Further, the brokerage firm is liable for their representative’s disclosed and undisclosed activities, as the firm failed to supervise the representative managing the customer’s account.
Customers of Jimmy Driggers who suffered investment losses at Morgan Stanley are encouraged to contact attorney Steven D. Toskes, Esq. at (888) 997-9956 or by email at investigations@klaymantoskes.com in furtherance of our investigation.
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 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.
Contact
Steven D. Toskes, Esq.
KlaymanToskes, P.A.
+1 888-997-9956
investigations@klaymantoskes.com