Morgan Stanley and its Broker Todd Pine Exploited the trust of Retired Nurse’s Aide
November 04 2019 - 9:38AM
The law firm of Securities Fraud Attorney Mark A. Tepper has filed
claim against Morgan Stanley [NYSE: MS] on behalf of a retired
nurse’s aide who entrusted her inheritance to Morgan Stanley and
its broker Todd Pine. The Claim for damages also seeks recovery of
substantial losses that the 71-year-old retiree suffered.
“Inexcusably, the broker used [Claimant’s] trust to exploit this
elderly, retired nurse’s aide, through excessive trading. The
broker mis-marked her investor profile and made unsuitable
recommendations for her financial situation and needs. The broker’s
unsuitable short-term trading in [Claimant’s] accounts generated
excessive commissions, shared between the broker and Respondent,”
the Claim alleges.
This unsuitable strategy included excessive short-term trading
in high risk stocks, over concentration in high risk oil and gas
service companies, and the purchase of below investment grade
bonds, the Claim further alleges.
“Inexplicably, Respondent turned a blind eye to its broker’s
excessive, short term trading and high-risk recommendations in
[Claimant’s] accounts which were obvious red-flags, sufficient to
alert a prudent supervisor to make inquiry. Respondent’s blind-eye
supervision failed to detect and prevent its broker’s wrongdoing in
[Claimant’s] accounts. Respondent either failed to create an
adequate supervisory system, or it failed to implement or enforce
its system,” the Claim contends.
If you have information related to the Claim against Morgan
Stanley or Todd Pine, or your broker made unsuitable
recommendations, contact attorney Mark Tepper at
askmark@marktepper.com or call (954) 961-0096 for a free case
evaluation.
About Mark A. Tepper, P.A.
(MarkTepper.com)
Attorney Mark A. Tepper is the former Chief Trial Counsel at the
New York Attorney General’s Bureau of Investor Protection and
Securities. He has earned the reputation of “Investor Advocate”
while practicing law for over 40 years representing individual
investors. FINRA arbitrators have upheld stockbroker fraud claims
filed by Mr. Tepper against many brokerage firms. A member of the
Florida, New York and California Bars, Mr. Tepper is peer-reviewed
for 19 consecutive years, AV PREEMINENT® for ethical standards and
legal ability, the highest rating of lawyers in the
Martindale-Hubbell Law Directory.
MEDIA CONTACT: Mark Hopkinson, NewsMark Public
Relations561-852-5767 mhopkinson@newsmarkpr.com NewsMarkPR.com
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