Damon Stewart of Morgan Stanley: $1.6M Customer Complaint

If you have lost money in the stock market due to fraud, misrepresentation, negligence, or for other reasons, we can help you. We have successfully recovered over $250 million in FINRA securities arbitrations.*

Need Legal Help? Contact Us. Call +1 (888) 997-9956
Updated on: July 21, 2023

Notice to Damon Stewart Customers: KlaymanToskes Has Recovery Options

National investment loss lawyers KlaymanToskes is investigating Damon Stewart (CRD# 1794614) of Morgan Stanley following the filing of two customer complaints against the broker/investment advisor, including one complaint alleging $1,667,000 in damages due to the “handing of account authorization changes and distributions requested by the client’s wife”.

According to FINRA BrokerCheck, Damon Channing Stewart is currently registered as a broker and investment advisor with Morgan Stanley in New York, NY and Melville, NY.

Investors that suffered losses with Damon Stewart may be entitled to a financial recovery. Contact attorney Lawrence L. Klayman immediately at (888) 997-9956 or lawrence@klaymantoskes.com for a free consultation to discuss your legal options. We do not collect attorney’s fees unless we are able to obtain a financial recovery for you. 

Damon Stewart of Morgan Stanley: Two Customer Complaints

According to Damon Stewart’s FINRA Brokercheck Report, the Morgan Stanley broker/investment advisor has two customer complaints filed against him. 

  1. Customer alleges a breach of fiduciary duty with respect to the handling of account authorization changes and distributions requested by the customer’s wife. 
    (Pending – Alleged Damages $1,667,000)

  2. Customer alleged Unauthorized Trading, Unsuitability, Violation of suitability rules, Overconcentration, Common law fraud, and Breach of fiduciary duty.
    (Settled in favor of the investor for $65,000).

What Are Stockbrokers/Investment Advisors Responsible For?

FINRA (“Financial Industry Regulatory Authority”) is responsible for regulating all registered brokers and brokerage firms. In the event of a non-compliance with securities industry standards leading to a customer incurring investment losses, brokers/financial advisors and their firms may be held liable through a FINRA arbitration claim.

Facts about each investor, such as their financial situation/needs, age, employment status, tax status, investment objectives and experience, risk tolerance, and what other investments they may be holding must be taken into consideration by brokers/financial advisors in order to meet the “reasonable diligence” requirement of FINRA’s suitability rule. 

KlaymanToskes can help you determine if your investment loss is the result of a securities violation. Contact attorney Lawrence L. Klayman today for a free consultation at (888) 997-9956 or lawrence@klaymantoskes.com to discuss your recovery options. 

Our firm offers legal services on a contingency fee basis, meaning we do not collect attorney’s fees unless we are able to obtain a financial recovery for you. 

About KlaymanToskes

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 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. 


KlaymanToskes, P.A.
Lawrence L. Klayman, Esq.