Public records published by the Financial Industry Regulatory Authority (FINRA) on June 6, 2016 indicate that Pennsylvania-based Morgan Stanley broker/adviser Richard Franchella has received customer complaints. The securities and investment fraud law firm Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Franchella (CRD# 1245432).
Richard Franchella has spent 31 years in the securities industry and has been registered with Morgan Stanley in Camp Hill, Pennsylvania since 2011. Previous registrations include RBC Capital Markets in New York, New York; Legg Mason Wood Walker in Baltimore, Maryland; Wachovia Securities in St. Louis, Missouri; Prudential Securities in New York, New York; PaineWebber Incorporated in Weehawken, New Jersey; and Merrill Lynch. He is a registered broker and investment adviser with eight US states: California, Connecticut, Florida, Maryland, New Jersey, New York, Pennsylvania, and New York.
According to his BrokerCheck report, Richard Franchella has received two customer complaints.
In 2012, a customer alleged Richard Franchella, while employed at RBC, failed to follow instructions, executed excessive trades, and engaged in negligent supervision. The complaint settled in 2013 for $177,500.
In 1994, a customer alleged Richard Franchella, while employed at PaineWebber, made unsuitable recommendations. The complaint settled for $20,000.
FINRA rules and federal securities law require that brokers and investment advisers like Richard Franchella must comply with a standard called suitability, mandating that they must recommend only investments considered suitable for their clients. Brokers must weigh such factors as the customer’s investment goals, experience, age, income, risk tolerance, and more. They may not misrepresent or omit material facts pertaining to an investment, as misrepresentations or omissions might lead a customer to invest unsuitably. Brokers who fail to recommend suitable investments may be subject to disciplinary action by FINRA or the Securities and Exchange Commission.
If you have lost money investing with Richard Franchella, you may be entitled to recover lost funds. Call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. All cases are taken on contingency: Fitapelli Kurta only gets paid if and when you recover money. Time to file your claim may be limited, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.