Jeffrey Sean Crystal of Paramus New Jersey a former stockbroker and branch manager of Morgan Stanley is referenced in a customer initiated investment related arbitration claim which was settled for $2,193,015.00 in damages founded on allegations that the financial advisor mismanaged the customer’s account; and trades executed in the customer’s account were not supervised by Morgan Stanley. FINRA Arbitration No. 17-03198 (May 6, 2019).
Financial Industry Regulatory Authority (FINRA) Public Disclosure confirms that Crystal has been identified in four additional customer initiated investment related disputes containing accusations of his violative conduct while employed with Morgan Stanley. In particular, a customer filed an investment related complaint involving Crystal’s conduct in which the customer requested damages estimated to exceed $5,000.00 based upon allegations that inappropriate over-the-counter stocks and mutual fund trades were placed in the customer’s account.
Another customer filed an investment related complaint concerning Crystal’s activities where the customer sought $193,000.00 in damages supported by accusations that the customer’s account was churned, and transactions executed by the financial advisor failed to be suitable for the customer. Crystal is also the subject of a customer initiated investment related arbitration claim which was resolved for $80,000.00 in damages founded on allegations that over-the-counter equities recommendations made by the stockbroker were not suitable and had resulted in the customer suffering undue losses .
Subsequently, a customer initiated investment related civil action brought in the Superior Court of the State of North Carolina that involved Crystal’s activities was settled to resolve accusations that transactions effected in the customer’s account lacked appropriate supervision from Morgan Stanley; misrepresentations were negligently made by the stockbroker; fiduciary duties had been violated; the customer’s account was improperly managed; and bond and equities transactions had been fraudulently executed in the customer’s account when Crystal was employed by Morgan Stanley.
On May 1, 2017, Crystal’s employment with Morgan Stanley ceased based upon allegations of Crystal failing to supervise a financial advisor who poorly advised customers or mismanaged their accounts. Since 2019, Crystal has been registered with Cadaret Grant Co. Inc., Sorrento Pacific Financial LLC, CUSO Financial Services L.P. and Next Financial Group Inc.
