Damian Mark Baird, of Boston, Massachusetts, a stockbroker previously associated with Moors Cabot Inc., is currently under investigation by the Financial Industry Regulatory Authority (FINRA) as of July 14, 2023. Case Nos. 20230776692 and 20230782402. The investigation revolves around allegations that Baird potentially violated FINRA Rules 8210 and 2010 by failing to respond to FINRA’s requests for documents and information, as well as for testimony. This investigation is still pending.
FINRA Public Disclosure also shows that since March 20, 2023, Baird has been suspended from associating with any FINRA member in any capacity, as Baird failed to comply with an arbitration award or settlement agreement. FINRA Arbitration No. 20-02339. In FINRA Arbitration No. 20-02339, Baird reprsented himself in a Promissory Note case brought against him by his former employer, Morgan Stanley, resulting in an Award being rendered against him in exess of $1 million including interest, costs and attorneys’ fees.
Baird was also referenced in a customer initiated investment related complaint filed on March 1, 2023. Moors and Cabot Inc. customers alleged that a check of $50,000.00, which was originally written on February 3, 2023, for deposit, may have been altered. The bank’s fraud department contacted the customers with concerns that the check, presented for payment on February 24, 2023, had been altered and made payable to Damian Baird. The complaint is ongoing.
A different customer initiated investment related FINRA securities arbitration claim involving Damian Baird’s conduct concluded with the customer being awarded $49,963.06 in compensatory damages. FINRA Arbitration No. 03-04471. The claim was against Baird and his employer at the time, HSBC Brokerage (USA) Inc. The Statement of Claim alleged common law fraud, deceptive acts and practices, unsuitability, misrepresentation, breach of contract, breach of fiduciary duty, omission of material facts, and failure to follow customer directives in connection with the sale of mutual funds and unit investment trusts.
On January 4, 2006, a customer initiated investment related NASD arbitration claim involving Baird’s conduct was settled for $42,000.00 in damages based upon allegations that Baird made unsuitable recommendations of variable annuities during the time that he was associated with HSBC Securities (USA) Inc. NASD Arbitration No. 05-02715. Another customer filed an investment related complaint involving Bair’s conduct on December 30, 2008, in which the customer requested compensatory damages based upon alleged unsuitable trading in mutual funds by Baird during the time that he was associated with HSBC Securities (USA) Inc.
Baird was last associated with Moors Cabot Inc., in Boston, Massachusetts, from June 5, 2020, to February 27, 2023. Prior to that, Baird was associated with Morgan Stanley, in Williamsville, New York, between November 16, 2018, and May 22, 2020. He was also associated with UBS Financial Services Inc. in Buffalo, New York, from December 6, 2013, to November 27, 2018.
