Publicly available records published by the Financial Industry Regulatory Authority (FINRA) on June 7, 2016 indicate that Florida-based Morgan Stanley broker/adviser Richard Leathers has been the subject of customer complaints. The securities and investment fraud law firm Fitapelli Kurta is investigating allegations of misconduct against Mr. Leathers (CRD# 861129).
Richard Leathers has spent 37 years in the securities industry and has bene registered with Morgan Stanley in Boca Raton, Florida since 2009. Previous registrations include Citigroup Global Markets in Boca Raton, Florida (1993-2009) and Lehman Brothers in New York, New York (1979-1993). He is a registered broker and investment adviser with 13 US states: California, Colorado, Connecticut, Florida, Massachusetts, Nevada, New Jersey, New York, North Carolina, Pennsylvania, Texas, Virginia, and Washington.
According to his BrokerCheck report, Richard Leathers has received three customer complaints.
In 2013, a customer alleged Richard Leathers, while employed at Morgan Stanley Smith Barney, failed to follow liquidation directives. The complaint settled for more than $5,900.
In 1988, a customer alleged Richard Leathers misrepresented material facts related to an investment. The complaint settled in 1989 for $55,000.
According to FINRA rules and federal securities law, investment professionals like Richard Leathers must abide by a standard called suitability, meaning they must recommend only investments that are suitable for their clients. Brokers must weigh such factors as the customer’s investment goals, experience, age, income, risk tolerance, and others. They may not misrepresent or omit material facts pertaining to an investment, as misrepresentations or omissions might lead a customer to invest unsuitably. A “material fact” is a piece of information that would be a significant consideration for a reasonable investor in making a decision about an investment. Some examples include the risk level of a stock, the potential return on an investment, or the fees involved with the transaction. Brokers who fail to recommend suitable investments may be subject to disciplinary action by FINRA or the Securities and Exchange Commission.
If you have complaints regarding Richard Leathers, 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.