Laurence Michael Braunstein of New York New York a stockbroker registered with Janney Montgomery Scott LLC is the subject of a customer initiated investment related arbitration claim which was resolved for at least $14,999.00 in damages based upon accusations that when Braunstein was associated with Morgan Stanley, First Allied Securities and Janney Montgomery Scott: (1) false or misleading statements had been made to the customer concerning investments including unit investment trust and direct investment products (2) contractual obligations were breached (3) the customer’s account had been handled with poor care (4) fiduciary obligations were violated and (5) unsuitable transactions were executed in the customer’s account. Financial Industry Regulatory Authority (FINRA) Arbitration No. 18-02537 (May 30, 2019).
FINRA Public Disclosure confirms that Braunstein is referenced in five additional customer initiated investment related disputes containing allegations of his violative conduct while employed with First Allied Securities Inc. and Morgan Stanley Smith Barney. Specifically, a customer initiated investment related arbitration claim concerning Braunstein’s activities was settled for $490,316.00 in damages founded on accusations including fraud; breach of fiduciary duty; and violation of New Jersey Consumer Fraud Act.
Another customer initiated investment related arbitration claim regarding Braunstein’s conduct was resolved for $125,000.00 in damages based upon allegations that during the period in which Braunstein was employed by First Allied Securities, unfounded statements and omissions had been made concerning unit investment trust and mutual fund risks; fiduciary duties owed to the customer were breached; and transactions failed to be suitable for the customer.
Braunstein is also referenced in a customer initiated investment related written complaint which was settled to resolve accusations that when Braunstein was associated with Morgan Stanley Smith Barney, unauthorized unit investment transactions were effected in the customer’s account. An additional customer initiated investment related complaint concerning Braunstein’s activities was resolved for $25,000.00 in damages founded on allegations that misrepresentations had been made concerning the risks of investing in closed end funds and unit investment trust products.
On June 1, 2017, another customer initiated investment related arbitration claim involving Braunstein’s conduct was settled for $24,900.00 in damages based upon accusations that during the time that Braunstein was associated with Morgan Stanley, closed end fund, mutual fund and unit investment trust transactions executed in the customer’s account failed to be suitable for the customer. FINRA Arbitration No. 16-02557.
Braunstein was terminated by Morgan Stanley founded on allegations that he effected inappropriate exchanged traded fund and unit investment trust trades in customer accounts. He has been registered with Janney Montgomery Scott since May 13, 2015.
