Michael Frank Paesano of New York New York a stockbroker formerly registered with Morgan Stanley is referenced in a customer initiated investment related arbitration claim which settled for $145,000.00 in damages supported by allegations that (1) government debt trades were effected in the customer’s managed account in excessive amounts and (2) some of the customer’s securities transactions had been impermissibly executed by Paesano away from the firm. Financial Industry Regulatory Authority (FINRA) Arbitration No. 18-01011 (Apr. 29, 2019).
FINRA Public Disclosure confirms that Paesano has been identified in nineteen more customer initiated investment related disputes containing accusations of his violative conduct while employed with securities broker dealers including UBS Financial Services Inc. Specifically, a customer initiated investment related arbitration claim involving Paesano’s conduct was resolved for $170,000.00 in damages founded on allegations of bad advice and the misrepresentation of the customer’s investments.
Subsequently, a customer initiated investment related arbitration claim regarding Paesano’s activities was settled for $27,300.00 in damages based upon accusations that the customer’s investment account had been handled in a negligent manner; misrepresentations and omissions were made concerning conflicts of interests in the transactions; contractual and fiduciary obligations to the customer had been violated; UBS Financial Services Inc. failed to supervise activities in the customer’s account; and the customer was defrauded.
Thereafter, a customer initiated investment related arbitration claim concerning Paesano’s conduct was resolved for $245,000.00 in damages supported by allegations that the customer had been placed into structured products and closed-end funds that were in no way suitable for the customer. FINRA Arbitration No. 14-02649 (Dec. 12, 2015). Subsequently, a customer initiated investment related arbitration claim involving Paesano’s activities settled for $1,200,000.00 in damages founded on accusations that between 2011 and 2016: trades had been effected in the customer’s account in an excessive manner. FINRA Arbitration No. 17-02736 (Nov. 20, 2018).
Another customer initiated investment related arbitration claim regarding Paesano’s conduct was resolved for $58,000.00 in damages based upon allegations that the customers had been defrauded in regard to private placement transactions supposedly executed outside of UBS Financial Services’ auspices. FINRA Arbitration No. 17-01417 (May 9, 2018). Further, on June 27, 2018, a customer initiated investment related complaint involving Paesano’s activities was settled for $89,774.79 in damages supported by accusations that the customer had been deprived of information regarding the trading strategy utilized for the customer’s account; the customer’s investments were mismanaged; and trades had been placed on an excessive basis causing the customer to experience unwarranted losses.
Paesano was discharged by Morgan Stanley Wealth Management founded on allegations that he appeared to have effected trades in Morgan Stanley customer accounts without authorization.
