National investment loss lawyers KlaymanToskes is investigating broker Laura Casey (CRD# 2684465) of Morgan Stanley, who has been suspended from acting as a broker by the Financial Industry Regulatory Authority (“FINRA”), following allegations that she incurred nearly $38,000 in unnecessary commissions for four customers by placing trades in their brokerage accounts rather than advisory accounts.
According to FINRA’s investigation, between March and July 2022, several of Casey’s advisory customers at Morgan Stanley also opened brokerage accounts. Casey allegedly purchased financial products including exchange-traded funds (ETFs), which required the customers to pay upfront sales charges that the customers would not have had to pay had the products been purchased in their advisory accounts. Casey then reportedly sold the securities within days of purchase, resulting in additional sales charges. The four customers collectively paid $37,757.54 in unnecessary sales charges.
FINRA’s Department of Enforcement reported that Casey effected at least 46 trades in at least seven brokerage accounts without first speaking to the customers on the date of the transactions. Casey also allegedly did not obtain prior written authorization from the customers to effect the transactions. In addition, FINRA’s investigation disclosed that Morgan Stanley did not accept any of the accounts as discretionary.
According to FINRA BrokerCheck, Laura Casey a/k/a Laura Aline Hubbard was registered with Morgan Stanley from July 2018 to September 2023, when she resigned from the firm following allegations that she opened brokerage accounts and transferred funds from managed accounts into the brokerage accounts without client authorization and engaged in unauthorized trading. Casey was also previously employed with Capitol Securities Management and is currently registered as an investment advisor with Coastal Wealth Management in New York, NY.
Investors that suffered losses with broker Laura Casey are encouraged to contact attorney Lawrence L. Klayman, Esq., at 888-997-9956 or by email at lawrence@klaymantoskes.com to discuss recovery options. We do not collect attorney’s fees unless we are able to obtain a financial recovery for you.
KlaymanToskes is a leading national investment loss law firm that represents the interests of investors throughout the world who have suffered losses due to broker misconduct, investment fraud, and securities violations.
The articles linked below contain important information relating to KlaymanToskes’ investigation of broker Laura Casey:
If you suffered losses with broker Laura Casey, contact KlaymanToskes at 888-997-9956 or fill out a short contact form for a free and confidential consultation.
The firm has helped recover over $600 million* for investors, and can help you determine if your loss is due to financial advisor misconduct, unsuitable investment advice, and/or other securities violations.
*Exclusive of attorneys fees and costs.
As an investor, there are a few signs that you should look out for if you believe you may have a claim against broker Laura Casey. These signs could potentially indicate broker misconduct, negligence, or investment fraud. Investors are encourage to contact our firm immediately if you have experienced any of the following:
Some investors have close relationships with their brokers due to the time and trust built over the course of their investment relationship. However, it is crucial to remember that financial decisions should be based on careful analysis and due diligence rather than solely relying on personal relationships.
According to FINRA, brokerage firms such as Morgan Stanley and Capitol Securities Management are responsible for the supervision of all of the activities of their registered brokers and investment advisors. Investors may be entitled to a financial recovery if their brokerage firm failed to supervise the representative managing their brokerage account, and/or if their broker/advisor made unsuitable investment recommendations.
Engaging the services of an experienced securities attorney to evaluate the specific circumstances of your case is strongly advised. At KlaymanToskes, our team of experienced securities attorneys has a deep understanding of this complex area of law, allowing us to provide invaluable insight and tailored guidance that directly addresses your individual needs.
If you suffered losses with broker Laura Casey, or have concerns regarding your investment portfolio at Morgan Stanley and/or Capitol Securities Management, contact KlaymanToskes at 888-997-9956 or fill out a short contact form for a free and confidential consultation to discuss recovery options.