Laurence Michael Braunstein of New York New York a stockbroker formerly associated with Morgan Stanley has been referenced in a customer initiated investment related written complaint on February 20, 2020 in which the customer requested unspecified damages supported by allegations that municipal debt transactions that were executed in the Morgan Stanley customer’s account had failed to be suitable.
Braunstein has been identified in six additional customer initiated investment related disputes concerning accusations of his misconduct when the stockbroker was employed by Morgan Stanley Smith Barney and First Allied Securities Inc. Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that a customer initiated investment related arbitration claim in reference to Braunstein’s conduct was resolved for $490,316.00 in damages based upon accusations of the violation of New Jersey Consumer Fraud Act relating to transactions that were effected by Braunstein at First Allied Securities. According to the claim, the customer was placed into annuities and a mortgage loan that failed to be appropriate for the customer. The claim alleges that a fiduciary duty that Braunstein owed to the customer was breached causing the customer to experience losses.
Braunstein is also the subject of a customer initiated investment related arbitration claim which was settled for $125,000.00 in damages based upon allegations that misrepresentations and omissions had been made by Braunstein in regard to the risks of unit investment trust and mutual fund transactions effected in the First Allied Securities customer’s account. The claim also alleges unsuitability and the breach of a fiduciary duty by Braunstein. Another customer filed an investment related complaint involving Braunstein’s conduct in which the customer requested $25,000.00 in damages based upon allegations of false or misleading representations relating to closed end funds and unit investment trusts by Braunstein during the time that Braunstein was associated with Morgan Stanley Smith Barney.
On June 1, 2017, a customer initiated investment related arbitration claim concerning Braunstein’s activities was resolved for $24,900.00 in damages founded on accusations of the Morgan Stanley Smith Barney customer being placed in bad mutual funds and unit investment trusts which caused the customer to experience losses. FINRA Arbitration No. 16-02557. Braunstein has also been identified in a customer initiated investment related arbitration claim which was resolved for $14,999.00 in damages on May 30, 2019 founded on accusations of misrepresentation as it pertained to the customer’s investments including direct participation program interests and limited partnership interests as well as a variable annuity and unit investment trust. FINRA Arbitration No. 18-02537.
FINRA Public Disclosure also indicates that Braunstein was terminated from Morgan Stanley supported by allegations of his unauthorized or inappropriate exchange traded fund or unit investment trust transactions in the account of Morgan Stanley customers. Between May 13, 2015 and September 16, 2019, he was associated with Janney Montgomery Scott LLC.