Publicly available records published by the Financial Industry Regulatory Authority (FINRA) on March 13, 2017 indicate that former Florida-based Morgan Stanley broker/adviser Seymour Passman has been the subject of resolved and pending customer disputes. Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Passman (CRD# 357531).
Seymour Passman has spent 46 years in the securities industry and was most recently registered with Morgan Stanley in Boca Raton, Florida; Citigroup Global Markets in Boca Raton, Florida; Lehman Brothers in New York, New York; Lehman Brothers Kuhn Loeb; Lehman Brothers; and Abraham & Company. He is currently not registered with any state or firm.
According to his BrokerCheck report, Seymour Passman has received two customer complaints and one regulatory sanction.
In February 2017 a customer alleged Seymour Passman, while employed at Morgan Stanley, made unsuitable investment recommendations. The complaint settled for $218,000.
In 2014 a customer alleged Seymour Passman, while employed at Morgan Stanley, recommended unsuitable products. The complaint settled for $70,000.
In 1991 the New York Stock Exchange sanctioned him following allegations he failed to reasonably discharge his supervisory duties. He was censured and issued a four-month suspension from acting in a supervisory capacity.
FINRA Rule 3110(a)(2) requires broker-dealer firms to assign “an appropriately registered principal(s)” to perform supervisory duties for every type of business the firm conducts. Principals are required to ensure the compliance of individual representatives as well as the firm as a whole. Relevant issues include their representatives’ character and qualifications, outside employment, and regulation of business transactions. Principals who fail in their supervisory duties may be subject to disciplinary action by FINRA or the Securities and Exchange Commission.
If you or someone you know has lost money investing with Seymour Passman, call Fitapelli Kurta at 877-238-4175 for a free consultation. You may be eligible to recoup your losses. Fitapelli Kurta accepts all cases on a contingency basis: we only get paid if and when you collect 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.