Laurence Michael Braunstein, of New York, New York, a stockbroker formerly registered with Morgan Stanley, has been named in a customer initiated investment related arbitration claim on August 5, 2016, in which the customer requested $100,000.00 in damages based upon allegations that Braunstein, from 2014 to 2015, effected unsuitable closed end fund, unit investment trust, and mutual fund transactions in the customer’s investment account.
Financial Industry Regulatorily Authority (FINRA) Public Disclosure reveals that Braunstein has been identified in four additional customer initiated investment related disputes containing allegations of Braunstein’s misconduct while employed with Morgan Stanley Smith Barney and First Allied Securities, Inc. Specifically, on March 3, 2011, a customer initiated investment related arbitration claim involving Braunstein’s conduct was settled for $490,316.00 in damages based upon allegations that Braunstein violated New Jersey Consumer Fraud Act, breached his fiduciary obligations to the customer, and committed fraud in reference to a mortgage loan and indexed annuity transaction.
Subsequently, on March 13, 2012, another customer initiated investment related arbitration claim regarding Braunstein’s activities was resolved for $125,000.00 in damages based upon allegations that Braunstein breached his fiduciary duties, concealed and misrepresented risks pertaining to unit investment trust and mutual fund products, and effected transactions which were not suitable for the customer. On December 28, 2011, a customer initiated investment related written complaint involving Braunstein’s conduct was settled for $3,000.00 in damages based upon allegations that Braunstein accessed the customer’s principal in a unit investment trust account without the customer’s authorization.
Moreover, on February 28, 2014, a customer initiated investment related written complaint involving Braunstein’s conduct was settled for $25,000.00 in damages based upon allegations that Braunstein made misrepresentations concerning risk factors of closed end fund and unit investment trust products.
On May 13, 2015, Braunstein’s registration with Morgan Stanley was terminated based upon Braunstein’s activities which included the trading of unit investment trust as well as exchange traded funds in the accounts of firm customers. Since May 13, 2015, Braunstein has been registered with Janney Montgomery Scott LLC.
Guiliano Law Group
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