Wendy B. Feldman, and Peter Joseph Doyle, of Washington, District of Columbia, stockbrokers registered with Morgan Stanley Smith Barney, have been terminated from employment on June 24, 2016, based upon allegations that they violated their firm’s procedures and additionally failed to comply with regulatory rules pertaining to exercising discretion in customer accounts.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that TWO WEEKS before they were fired, on June 1, 2016, customers were awarded $8,606,599.00 in damages according to an investment related arbitration claim involving Feldman’s and Doyle’s misconduct, based upon allegations including negligence, financial elder abuse, conversion, negligent misrepresentation, breach of fiduciary duty, unsuitable investments, unauthorized trading, and fraud. The customers additionally alleged that Morgan Stanley failed to supervise Feldman’s and Doyle’s conduct concerning the customers’ accounts.
Additionally, on December 13, 2016, a customer initiated investment related written complaint regarding Feldman’s activities was resolved for $85,000.00 in damages based upon allegations that Feldman, from July of 2008 to June of 2016, effected exchange traded fund and unit investment trust transactions in the customer’s account which were not suitable for the customer.
Further, on December 14, 2014, a customer initiated investment related written complaint involving Doyle’s conduct was settled for $85,000.00 in damages based upon allegations that Doyle effected transactions in the customer’s account which were not suitable regarding exchange traded funds, unit investment trusts and equity products.
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