Peter Joseph Doyle, of Bethesda, Maryland, a stockbroker registered with Morgan Stanley Smith Barney, was terminated from employment on June 24, 2016, based upon allegations that he traded in customers’ investment accounts in a manner that violated the firm’s procedures and policies.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Doyle has been named in three customer initiated investment related disputes regarding allegations of his misconduct while employed with Morgan Stanley Smith Barney. Particularly, on June 1, 2016, customers were collectively awarded $8,606,599.00 in damages according to an investment related arbitration claim involving Doyle’s conduct, based upon allegations that Doyle omitted information from the customers regarding fees charged in their accounts, and effected purchases of domestic and foreign equity products in the customers’ accounts which were neither suitable nor authorized by them. The customers also alleged unfair competition, negligence, financial elder abuse, conversion, negligent misrepresentation, fraud, and breach of fiduciary duty in reference to securities transactions effected in their accounts.
Further, on December 14, 2016, a customer initiated investment related written complaint regarding Doyle’s activities was resolved for $85,000.00 in damages based upon allegations that Doyle, between July of 2008 and June of 2016, effected unsuitable exchange traded fund, unit investment trust and equity transactions in the customer’s account. Moreover, on February 15, 2017, a customer initiated investment related complaint involving Doyle’s conduct was settled for $600,000.00 in damages based upon allegations that Doyle effected stock transactions in the customer’s account that failed to be appropriate for the customer.
Subsequent to Doyle’s termination from Morgan Stanley, he was associated with H. Beck, Inc. between September 28, 2016, and February 27, 2017.
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