David Wayne Kraft of Palm Beach Gardens Florida a stockbroker formerly registered with Morgan Stanley is the subject of a customer initiated investment related FINRA securities arbitration claim in which the customer requested $716,528.06 in damages founded on accusations that the customer’s funds had been “removed from their account without the customer’s authorization” during the time that Kraft was associated with Morgan Stanley. Financial Industry Regulatory Authority (FINRA) Arbitration No. 21-00833 (Mar. 30, 2021).
Kraft has been identified in four additional customer initiated investment related disputes containing allegations of Kraft’s misbehavior during the period that he was employed by Wachovia, Morgan Keegan Company Inc., and Morgan Stanley Smith Barney. FINRA Public Disclosure confirms that a customer filed an investment related complaint concerning Kraft’s activities where the customer sought $71,858.00 in damages supported by accusations of unsuitable mutual fund trades for their investment account. The claim alleges that the stockbroker’s mutual fund trades were not authorized and resulted in damages.
Another customer filed an investment related complaint regarding Kraft’s conduct where the customer requested $90,000.00 in damages based upon allegations that Kraft’s closed-end fund trades were unauthorized and unsuitable at Morgan Keegan. On November 23, 2015, a different customer initiated investment related complaint involving Kraft’s conduct was settled for $40,000.00 in damages founded on accusations that Kraft made misrepresentations concerning mutual fund transactions that had been effected in the customer’s account at Morgan Stanley Smith Barney.
Kraft has also been referenced in a customer initiated investment related complaint on March 30, 2020 where the customer sought $1,201,922.12 in damages supported by allegations that unauthorized transactions were made by Kraft as he “removed the customer’s funds from their Morgan Stanley account without their permission.”
Kraft has been barred from associating with any FINRA member in any capacity based upon allegations that he neglected to provide FINRA with information about his activities. Case No. 2019062268801 (Nov. 4, 2019). On August 26, 2019, Kraft received a Suspension from Association letter from FINRA which warned that the sanctions could get worse if he did not resolve FINRA’s inquiry or otherwise attempt to get the suspension terminated. Kraft failed to comply by the deadline which resulted in him being barred in all capacities by the regulator.
Kraft was registered with Morgan Stanley between July 12, 2012 and April 1, 2019.
