National investment loss lawyers KlaymanToskes is investigating Juan Elwaw (CRD# 2299668) of Morgan Stanley in connection with the filing of a customer complaint alleging $2,900,000 in damages due to a breach of fiduciary duty.
According to FINRA BrokerCheck, Juan Elwaw has been registered as a broker/investment advisor with Morgan Stanley since 2009 in Miami, FL. Elwaw was previously hit with a customer complaint for failure to follow instructions that was settled in favor of the investor.
Investors that suffered losses with Juan Elwaw and/or any other advisor at Morgan Stanley should contact attorney Lawrence L. Klayman, Esq., for a free consultation to discuss recovery options at 888-997-9956 or lawrence@klaymantoskes.com. We do not collect attorney’s fees unless we are able to obtain a financial recovery for you.
According to FINRA BrokerCheck, Juan Elwaw has two customer complaints disclosed. The most recent complaint is pending and alleges $2,900,000 in damages due to a breach of fiduciary duty.
A second customer complaint alleged that failure to follow instructions regarding a transfer of funds resulted in a tax-liability. The complaint was settled in favor of the customer for $110,000.
Brokers and financial advisors must consider an investment’s risk, ensure that they do not misrepresent material facts, and/or overconcentrate the customer’s portfolio in unsuitable investments. Further, financial professionals and their firms cannot disregard a customer’s risk-tolerance when making unsuitable investment recommendations.
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.
Additionally, a representative that recommends investments for the purpose of being compensated through increased commissions, and enriches themselves rather than properly benefiting the client, is violating securities laws.
The violations discussed above each provide a basis for liability in a FINRA arbitration claim. FINRA arbitration is a more cost-effective process for investors, often occurring with increased speed and efficiency over a court proceeding. To learn more about additional securities violations, see our account activity violations page.
Former and current customers of Juan Elwaw who suffered losses at Morgan Stanley are encouraged to contact attorney Lawrence L. Klayman, Esq. at (888) 997-9956 or lawrence@klaymantoskes.com for a free consultation. We do not collect attorney’s fees unless we are able to obtain a financial recovery for you.
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.
888-997-9956
lawrence@klaymantoskes.com
www.klaymantoskes.com