Jeffrey Neil Cadan of New York New York a stockbroker formerly registered with Morgan Stanley is the subject of a customer initiated investment related arbitration claim that settled for $1,200,000.00 in damages supported by accusations that between 2011 and 2016, Cadan executed excessive government debt trades in the customer’s account causing the customers losses. Financial Industry Regulatory Authority (FINRA) Arbitration No. 17-02736 (Nov. 20, 2018).
FINRA Public Disclosure confirms that this is the first complaint lodged against Cadan since he was discharged by Morgan Stanley Wealth Management based upon allegations of Cadan effecting unauthorized trades in customer accounts and utilizing an inappropriate investment strategy for a customer of the firm. Cadan has been identified in eleven more customer initiated investment related disputes containing accusations of his violative conduct while employed with securities broker dealers including Morgan Stanley and UBS Financial Services.
In particular, a customer initiated investment related arbitration claim concerning Cadan’s conduct was resolved for $235,000.00 in damages founded on allegations of fraud, over-concentration, breach of contract, misrepresentation, omissions, and breach of fiduciary duty pertaining to structured products effected in the customer’s account while Cadan was associated with UBS Financial Services. Another customer initiated investment related arbitration claim regarding Cadan’s activities was settled for $225,000.00 in damages supported by accusations that UBS Financial Services failed to supervise activities resulting in misrepresentations being made concerning the customer’s Lehman Brothers investments; fiduciary and contractual obligations being breached; omissions being made concerning investments; and the mismanagement of the customer’s investment portfolio.
Moreover, a customer initiated investment related arbitration claim involving Cadan’s conduct was resolved for $345,000.00 in damages based upon allegations that while Cadan was associated with UBS Financial Services, the customer had been sold Lehman Brothers Principal Protected Notes that were misrepresented and unsuitable for the customer; and the customer had been fraudulently induced into purchasing the investments that caused the customer to incur losses. Moreover, a customer initiated investment related arbitration claim concerning Cadan’s activities was settled for $170,000.00 in damages founded on accusations of Cadan’s bad investment recommendations and false statements in reference to the structured notes purchased for the customer’s account while Cadan was employed by UBS Financial Services Inc.
