Michael Lee Canney of Des Moines Iowa a stockbroker currently employed by Morgan Stanley Smith Barney is the subject of a customer initiated investment related arbitration claim where the customer requested unspecified damages founded on accusations that unsuitable investment recommendations had been made to the customer for the customer’s managed account between 2007 and 2017. Financial Industry Regulatory Authority (FINRA) Arbitration No. 18-01007 (Mar. 16, 2018).
FINRA Public Disclosure additionally confirms that a customer initiated investment related civil action involving Canney’s activities was settled for $14,839.39 in damages supported by allegations that mutual fund transactions were effected in the customer’s account that were inappropriate for the customer while Canney was associated with Shearson Lehman Brothers. Another customer initiated investment related civil action involving Canney’s conduct was resolved for $10,000.00 in damages based upon accusations that Canney executed unsuitable common and preferred stock transactions in the customer’s account and misrepresented investment details to the customer.
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