National investment fraud lawyers KlaymanToskes is investigating Sean Righter (CRD# 5419832) of Morgan Stanley after the Irvine, CA based broker and financial advisor was named in a customer complaint alleging $1,500,00 million in investor damages due to violations of the SEC’s Regulation Best Interest Rule (“Reg BI”) with respect to equity investments.
Former and current customers of Sean P. Righter who experienced investment losses and/or have information relating to the manner in which their Morgan Stanley broker handled their accounts are encouraged to contact attorney Lawrence L. Klayman at (888) 997-9956 or lklayman@klaymantoskes.com for a free consultation. We do not collect attorneys fees unless we are able to obtain a financial recovery for you.
According to FINRA BrokerCheck, Sean P. Righter has been registered as a stockbroker and investment advisor with Morgan Stanley since 2009 in Irvine, CA. Righter holds 15 years of securities industry experience and 27 state licenses.
Righter has one pending investor complaint alleging investor damages of $1,500,000 in connection with the investors’ accounts not being managed in their best interests. The complaint was filed on February 10th, 2023 with respect to equity investments (common and preferred stock).
KlaymanToskes is also investigating another Morgan Stanley representative, Clinton Edward Curtright, in connection with a $6 million investor complaint filed against the La Jolla, California-based broker due to an alleged violation of Regulation Best Interest. To learn more, see our recent blog post: “Notice to Clinton Edward Curtright Customers: Investor Alleges Violation of Regulation Best Interest in $6M Complaint”
Under FINRA’s (“Financial Industry Regulatory Authority”) SEC Regulation Best Interest (“Reg BI”) brokerage firms and their financial advisors are required to make recommendations with their client’s best interest in mind, based upon the client’s financial needs, age, employment status, and investment objectives.
When financial advisors, stockbrokers, and their firms fail to act in the best interest of their clients, they are violating securities laws. Investors that suffer investment losses as a result of this violation may hold their broker and brokerage firm responsible through FINRA arbitration.
If you believe your broker/advisor did not act in your best interest when managing your brokerage account, contact KlaymanToskes for a free, confidential consultation at 888-997-9956 or through our website, www.klaymantoskes.com. We do not collect attorneys fees unless we are able to obtain a financial recovery for you.
In 2022, the SEC warned financial professionals regarding broker-dealer and investment advisors’ standards of conduct when making account recommendations to investors.
According to the SEC, “Both Regulation Best Interest (“Reg BI”) for broker-dealers and the fiduciary standard for investment advisers under the Investment Advisers Act (the “IA fiduciary standard”) are drawn from key fiduciary principles that include an obligation to act in the retail investor’s best interest and not to place their own interests ahead of the investor’s interest.”
A recommendation can either be to buy, sell, hold or hedge an investment and this applies to securities that are transferred in by the customer to a new advisor. The recommendation cannot be based on materially inaccurate or incomplete information, and must be in the best interest of the investor.
Investors can learn more about their financial advisor and brokerage firm through FINRA BrokerCheck – a free tool provided by the Financial Industry Regulatory Authority that discloses broker’s licensing, employment history, and most importantly, public disclosures. If your broker’s profile has disclosures, KlaymanToskes highly recommends reviewing your accounts for misconduct similar to that alleged in the disclosures.
If you believe your broker/financial advisor did not act in your best interest causing investment losses, contact attorney Lawrence L. Klayman today to discuss your potential case at 888-997-9956 or lklayman@klaymantoskes.com.
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 $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.
KlaymanToskes, P.A.
Lawrence L. Klayman, Esq.
888-997-9956
lklayman@klaymantoskes.com
www.klaymantoskes.com