Richard Jay Bernstein, of Beverly Hills, California, a stockbroker formerly registered with Morgan Stanley, has been named in a customer initiated investment related arbitration claim on February 1, 2017, in which the customer requested $81,738.82 in damages based upon allegations that Bernstein placed unsuitable and unauthorized equity trades in the customer’s investment account.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Bernstein has been identified in six additional customer initiated investment related disputes containing allegations of his misconduct while employed with UBS Financial Services, Inc., Prudential Securities Inc., and Smith Barney Shearson, Inc. Specifically, on October 17, 2008, a customer filed an investment related written complaint involving Bernstein’s conduct, based upon allegations that Bernstein effected unsuitable transactions in the customer’s account and overconcentrated the customer’s account in speculative investments contrary to the customer’s investment instructions.
Further, on February 17, 2009, a customer initiated investment related written complaint regarding Bernstein’s activities was resolved for $5,792.72 in damages based upon allegations that Bernstein failed to execute upon the customer’s instructions to liquidate securities.
Moreover, on December 29, 2009, a customer filed an investment related written complaint involving Bernstein’s conduct, in which the customer requested $25,555.00 in damages based upon allegations that Bernstein effected closed end mutual fund transactions in the customer’s account which were not suitable for the customer.
Bernstein’s registration with Morgan Stanley was terminated on July 2, 2015. Since July 1, 2015, he has been registered with Wells Fargo Clearing Services, LLC.
Guiliano Law Group
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