Elaine Diones Lacerte of Colorado Springs Colorado a stockbroker formerly registered with Morgan Stanley is the subject of a customer initiated investment related arbitration claim which was settled for $9,500.00 in damages supported by accusations that unit investment trust transactions effected by the stockbroker were unsuitable for the customer. Financial Industry Regulatory Authority (FINRA) Arbitration No. 19-00611 (June 25, 2019).

FINRA Public Disclosure reveals that Lacerte has been identified in four additional customer initiated investment related disputes which pertain to allegations of her misconduct during the period in which she was employed by Morgan Stanley. Specifically, a customer filed an investment related complaint involving Lacerte’s conduct where the customer sought unspecified damages based upon accusations that the customer had been falsely told that the par value of the customer’s principal investment would be returned upon maturity.

On August 29, 2016, another customer initiated investment related complaint concerning Lacerte’s conduct was settled to resolve allegations of the risks of unit investment trust products having been misrepresented to the customer when sold by Lacerte. In addition, a customer initiated investment related complaint in regard to Lacerte’s activities was settled on August 23, 2016 for $24,464.76 in damages founded on accusations that transactions executed in the customer’s account between 2014 and 2016 failed to be suitable. Lacerte is also referenced in another customer initiated investment related arbitration claim which was resolved for $25,000.00 in damages supported by allegations that unfounded statements had been made by Lacerte concerning municipal bonds held in the customer’s Morgan Stanley brokerage accounts from 2012 to 2017. FINRA Arbitration No. 17-01507 (Oct. 24, 2017).

FINRA Public Disclosure additionally confirms that Lacerte has been fined $5,000.00 and suspended for six months from associating with any FINRA member in any capacity supported by findings that unsuitable recommendations had been routinely made by her in customer accounts; and Lacerte persisted in trading unit investment trust products on a short term basis when the transactions were inappropriate for customers. Letter of Acceptance Waiver and Consent No. 20160513672-01 (Aug. 29, 2017).

According to the AWC, Lacerte recommended for customers to sell their unit investment trust positions shortly after Lacerte recommended their purchases. These recommendations were made for one hundred seven accounts at Morgan Stanley, and in most cases, recommendations had been made by Lacerte for customers to prematurely sell the investments. In fact, the unit investment trusts had two year maturities, but Lacerte recommended for the investments to be held for under a year. Lacerte subsequently advised customers to use the proceeds to purchase new unit investment trust products. Each purchase required customers to pay between 1.95 percent and 3.95 percent in sales charges. FINRA found Lacerte’s recommendations unsuitable; conduct violative of FINRA Rules 2010 and 2111.

Lacerte’s registration with Morgan Stanley has been terminated as of August 11, 2016.

The information contained herein has been obtained from reliable sources however may not be accurate and is not guaranteed by us. Readers are encouraged to undertake their own independent investigation and evaluation of the relevant facts. All claims and allegations are subject to adjudication, decisions may be subject to appeal, and no inference is intended, nor should any inference be made from any information contained herein from any source.

Questions or comments regarding the source or accuracy of any information, including any subsequent developments, should be directed to:  [email protected]

This posting and the information on our website is for general information purposes only. This content should be not considered legal advice, and any responses, comments, e-mails, other communications do not form any attorney client relationship. Attorney Advertisement. See Important Disclaimer.

Guiliano Law Group, P.C.

Our practice is limited to the representation of investors. Over the last three decades, we have recovered more than a hundred million dollars for more than 1,000 injured investors from all over the United States and several foreign countries. We accept representation purely on a contingent fee basis, meaning there is no cost to you unless we make a recovery for you. There is never any charge for a confidential consultation or an evaluation of your claim. For more information, contact us at (877) SEC-ATTY.

For more information concerning common claims against stockbrokers and investment professionals, please visit us at securitiesarbitrations.com

To learn more about FINRA Securities Arbitration, and the legal process, please visit us at securitiesarbitrations.com

Stockbroker Fraud. Securities Arbitration and Investment Fraud Lawyers.  
National Practice. Contingent Fee. Confidential Free Consultation.

 (877) SEC-ATTY

1700 Market Street, Suite 1005
Philadelphia, PA 19103
Direct: (215) 413-8223
Toll Free: (877) 732-2889

1260 South Soto Street, Suite 7
Los Angeles, California 90023
Direct: (213) 255-3475
Toll Free: (877) 732-2889

2750 NE 185th Street, Suite 302
Aventura, Florida 33180-2877
Direct: (786) 490-2413
Toll Free: (877) 732-2889

See Important Disclaimer

Tags: ,

No comments yet.

Leave a Reply

Name (required)

Email (will not be published) (required)

Website