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Morgan Stanley to pay $2.4 Mil. in Complaints for broker Steven Wyatt

shutterstock_193017503According to Investment News, the Financial Industry Regulatory Authority (FINRA) has ordered Morgan Stanley to pay “at least” $2.4 million in response to complaints against former Mississippi-based broker Steven Wyatt. The securities and investment fraud law firm Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Wyatt (CRD# 2522129).

Steven Wyatt has spent seventeen years in the securities industry and was most recently registered with Morgan Stanley Smith Barney in Ridgeland, Mississippi (2009-2012). Previous registrations include Morgan Stanley & Company in Ridgeland, Mississippi (2007-2009) and Citigroup Global Markets in Jackson, Mississippi (2004-2007).

According to his BrokerCheck report, Steven Wyatt is the subject of six customer complaints, two pending complaints, and one regulatory sanction. He was also discharged from his position at Morgan Stanley Smith Barney

In 2014 FINRA sanctioned Steven Wyatt following allegations he invested in a company and recommended its securities to customers of his member firm, Morgan Stanley, without providing written notice with regard to these alleged private securities transactions. Mr. Wyatt was issued a fine of $12,500 and suspended from the securities industry for four months.

In 2014 a customer alleged Steven Wyatt, while employed at Morgan Stanley, engaged in unauthorized trades, purchased unsuitable securities, and misrepresented investment strategies. The customer is seeking $1,000,000 in damages in the pending complaint.

In 2014 a customer alleged Steven Wyatt, while employed at Morgan Stanley, breached his fiduciary duty from 2007 to 2014. The customer is seeking $647,037 in damages in the pending complaint.

In 2013 a customer alleged Steven Wyatt, while employed at Morgan Stanley, misrepresented material facts related to an investment. The complaint settled in 2014 for $440,000.

In 2013 a customer alleged Steven Wyatt, while employed at Morgan Stanley, violated state and federal statutes, breached contract, breached his fiduciary duty, and breached duties of good faith and fair dealing. The complaint settled in 2015 for $371,396.

In 2013 a customer alleged Steven Wyatt, while employed at Morgan Stanley, breached his fiduciary duty, failed to detect and stop conflicts of interest, manipulated trading errors, violated SEC rules, failed to disclose information, and misrepresented material facts. The complaint settled in 2014 for $385,500.

In 2012 Steven Wyatt was terminated from Morgan Stanley Smith Barney following allegations he solicited unapproved outside investments.

In 2012 a customer alleged Steven Wyatt, while employed at Morgan Stanley, recommended unsuitable investments, executed unauthorized and excessive trades, engaged in manipulative and deceptive practices, and violated both SEC and FINRA rules. The complaint resulted in an award to the customer of more than $150,900.

In 2011 a customer alleged Steven Wyatt, while employed at Morgan Stanley, acted negligently, breached his fiduciary duty, recommended unsuitable investments, and committed fraud. The complaint resulted in an award to the customer of more than $387,800.

If you have complaints regarding Steven Wyatt, call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. You may be entitled to recoup your losses. All cases are taken on contingency: we only receive payment if and when you recover money. You may have a limited window to file your complaint, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.