Brian Carey Sak of Deerfield Illinois a stockbroker formerly employed by Morgan Stanley is referenced in a customer initiated investment related arbitration claim which was resolved for $30,000.00 in damages founded on accusations that Sak failed to repay the customer funds that were due according to the terms of promissory notes executed by Sak and the customer as part of Sak’s outside business activities. Financial Industry Regulatory Authority (FINRA) Arbitration No. 16-03726 (Mar. 13, 2018).
FINRA Public Disclosure reveals that Sak is referenced in four more customer initiated investment related disputes containing allegations of Sak’s misconduct during the time that he was associated with Morgan Stanley Smith Barney. In particular, a customer initiated investment related arbitration claim concerning Sak’s activities was settled for $105,000.00 in damages supported by accusations of Sak’s default on promissory notes causing customer losses. FINRA Arbitration No. 16-01711 (June 26, 2017).
Another customer initiated investment related arbitration claim regarding Sak’s conduct was resolved for $140,000.00 in damages based upon allegations of Sak’s failure to make the customer whole on a debt evidenced by a promissory note arrangement tied to Sak’s real estate activities that Sak engaged in outside the firm’s auspices. Additionally, a customer initiated investment related arbitration claim involving Sak’s activities was settled for $125,000.00 in damages founded on accusations that Sak and the customer executed multiple promissory notes which Sak later defaulted on. FINRA Arbitration No. 16-02735 (Nov. 2, 2017).
The resolution of these disputes comes after Sak was barred from associating with any FINRA member in any capacity based upon consenting to findings that Sak obstructed a FINRA investigation into allegations of his unauthorized solicitation of customers’ investments in outside business ventures while he was associated with Morgan Stanley. Letter of Acceptance Waiver and Consent No. 20160503913-01 (Dec. 7, 2016).
According to the AWC, Sak was instructed by FINRA to furnish information and documentation regarding his outside activities. Sak’s response was due August 5, 2016; however, Sak neglected to cooperate. Evidently, following another request from FINRA for Sak’s information and documentation, Sak spoke with FINRA to confirm that he would not be producing any documents for the regulator. FINRA concluded that Sak’s conduct was violative of FINRA Rules 2010 and 8210.
FINRA Public Disclosure confirms that Sak was terminated by Morgan Stanley Smith Barney on May 17, 2016 supported by accusations of Sak’s unapproved outside business activities pertaining to real estate transactions involving customers of the firm.
