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David Turetzky Customers: Investor Alleges $4.4 Million in Damages

March 16, 2023

Investment Losses with David Charles Turetzky? Contact KlaymanToskes

National investment fraud lawyers KlaymanToskes is investigating David Charles Turetzky (CRD# 2954337) following an investor complaint alleging $4,458,000 in damages and that the former broker/financial advisor failed to supervise with respect to his management of accounts at Morgan Stanley.

According to FINRA Brokercheck, David Charles Turetzky was previously associated with the following brokerage firms:

  • Morgan Stanley from 2009 to 2017 in New York, NY
  • Liberty Partners Financial Services, LLC, from 2018 to 2019 in Raleigh, NC
  • Ameriprise Financial Services, LLC, from 2019 to 2022 in New York, NY

If you suffered investment losses with David C. Turetzky while he was affiliated with Morgan Stanley, Liberty Partners, and/or Ameriprise Financial, you are encouraged to contact attorney Lawrence L. Klayman, Esq. at (888) 997-9956 or lklayman@klaymantoskes.com for a free and confidential consultation to discuss recovery options. 

We do not collect attorney’s fees unless we are able to obtain a financial recovery for you.

David Charles Turetzky’s Disciplinary History 

A second pending investor complaint filed against David C. Turetzky alleges $500,000 in damages to the customer’s Ameriprise Financial account and that she was “harassed by Ameriprise and its agents to convert her account from a commission-based account into a fee-based account.” 

In a similar dispute to those pending, a previous customer complaint in 2018 alleged failure to supervise, naming David Charles Turetzky, Morgan Stanley & Co., LLC, and two other brokers, Michael Frank Paesano (CRD# 1557229), and Jeffrey Neil Cadan (CRD# 2726285). The investors received a FINRA award for $1.2 million and also alleged fraud, negligence, and other violations of federal and state laws.

David C. Turetzky has three additional settled customer complaints which all allege failure to supervise with respect to his management of customer accounts. The first settled complaint, filed on June 3rd, 2020, was settled for $3,600,000, while the second, filed on July 2nd, 2020, was settled for $390,000. Turetzky’s final investor complaint settled for $475,000.

What Are Brokers and Financial Advisors Responsible For?

Financial advisors and their firms are responsible for providing suitable investment advice. Firms may be liable for a failure to supervise in the event of a non-compliance with the securities industry standards of care for the handling of customer accounts which results in losses incurred by customers.

FINRA Rule 2010 requires brokerage firms and their registered representatives to “observe high standards of commercial honor and just and equitable principles of trade.” 

Investors that have suffered losses as a result of their advisor’s violations of securities rules may hold their brokerage firm and financial professional liable through a FINRA arbitration claim. Contact KlaymanToskes today at (888) 997-9956 or lklayman@klaymantoskes.com to learn more about the arbitration process. 

We offer legal services on a contingency basis, meaning we do not collect attorney’s fees unless we are able to obtain a 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.

Contact

KlaymanToskes, P.A.
Lawrence L. Klayman, Esq.
888-997-9956
lklayman@klaymantoskes.com
www.klaymantoskes.com