Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) on August 25, 2016 indicate that California-based Morgan Stanley broker/adviser Stephen Davis has been the subject of customer complaints. The securities and investment fraud law firm Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Davis (CRD# 1264575).
Stephen Davis has spent 32 years in the securities industry and has been registered with Morgan Stanley in Beverly Hills, California since 2009. Previous registrations include Citigroup Global Markets in Beverly Hills (1993-2009); Lehman Brothers in New York, New York (1992-1993); PaineWebber Incorporated in Weehawken, New Jersey (1988-1992); and Dean Witter Reynolds (1984-1988). He is a registered broker and investment adviser with 18 US states and territories: Arizona, Arkansas, California, Colorado, Florida, Hawaii, Louisiana, Massachusetts, Nevada, New Jersey, New York, North Carolina, Ohio, Oregon, Pennsylvania, Texas, Washington, and Wyoming.
According to his BrokerCheck report, Stephen Davis has received three customer complaints and four customer complaints that were closed or denied.
In 2012, a customer alleged Stephen Davis, while employed at Citigroup Global Markets and Morgan Stanley, recommended unsuitable investments and excessive margin use. The complaint settled for $900,000.
In 2010, a customer alleged Stephen Davis, while employed at Citigroup Global Markets, executed wrongful fund transfers. The complaint was closed with no action taken.
In 2003, a customer alleged Stephen Davis, while employed at Citigroup Global Markets, breached contract, breached his fiduciary duty, and made an unsuitable investment recommendation. The customer sought more than $434,000 in the complaint, which was denied.
In 1997, a customer alleged Stephen Davis churned the account. The complaint was denied.
In 1993, a customer alleged Stephen Davis, while employed at Dean Witter Reynolds, misrepresented material facts, recommended an unsuitable investment, and breached his fiduciary duty. The complaint resulted in an award to the customer of $52,000.
In 1988, a customer alleged Stephen Davis, while employed at Dean Witter Reynolds, made an unsuitable investment recommendation. The complaint settled for $70,000.
“Margin” refers to the practice of borrowing funds from one’s broker or investment adviser to purchase a security, with that security itself used as collateral in the transaction. There are many benefits to purchasing securities on margin, chiefly the increase of purchasing power that allows investors to buy more securities without completely paying for them. There are also many risks, chiefly the increase in potential for significant losses. Brokers, investment advisers, and broker-dealer firms who unsuitably recommend investments on margin may be subject to disciplinary action by FINRA or the Securities and Exchange Commission.
If you have lost money investing with Stephen Davis, 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 a contingency basis: Fitapelli Kurta only gets paid if and when you recover money. By law you may have a limited time to file your complaint, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.