Ayad Beshara Saad, of Melbourne, Florida, a stockbroker registered with Morgan Stanley, has been discharged on December 4, 2023, based upon allegations that Saad provided the securities broker dealer with inconsistent information during an internal investigation. What Morgan Stanley was investigating was not disclosed.
Financial Industry Regulatory Authority (FINRA) Public Disclosure shows that Saad was discharged by Edward Jones on February 20, 2013, based upon allegations that Saad provided false information to the securities broker dealer regarding an insurance rider and the delivery of an annuity contract.
Saad is referenced in five customer initiated investment related disputes concerning Saad’s conduct while associated with securities broker dealers. On April 10, 2013, an Edward Jones customer filed an investment related complaint involving Saad’s conduct in which the customer requested $12,000.00 in damages based upon allegations that Saad failed to advise the customer of the tax consequences for liquidating a variable annuity. There is no such duty. The complaint was denied.
On December 6, 2013, another customer initiated investment related complaint involving Saad’s conduct was settled for $5,356.95 in damages based upon allegations that Saad made misrepresentations of material fact in connection with the sale of unit investment trusts during the time that Saad was associated with Edward Jones.
On November 5, 2013, another customer filed an investment related complaint involving Saad’s conduct in which the customer requested damages based upon allegations that Saad engaged in unauthorized trading in stocks when Saad was associated with Morgan Stanley. The securities broker dealer also denied the complaint.
Saad was also referenced in a customer complaint filed on November 23, 2021, in which the customer requested damages based upon allegations that Saad made misrepresentations of material fact in connection with the sale of variable annuities when Saad was associated with Morgan Stanley. The complaint was denied.
On February 20, 2024, a customer complaint involving Saad’s conduct was settled for $28,000.00 in damages based upon allegations that Saad improperly maintained the customer’s position in Apple in a managed account, which one would think is a matter of judgment, or in this case, negligence by hindsight.
Saad was associated with Morgan Stanley in Melbourne, Florida from March 25, 2013, to December 13, 2023.
