Neil Jeffrey Lerner, of New York, New York, a stockbroker registered with Morgan Stanley, was the subject of a customer initiated investment related complaint filed on November 17, 2023, in which the customer requested compensatory damages based upon allegations that Lerner made the unsuitable investment recommendation of in products that were not offered through Morgan Stanley. This complaint has been denied by the securities broker dealer.
Financial Industry Regulatory Authority (FINRA) Public Disclosure shows that Lerner is referenced in four other customer initiated investment related disputes concerning Lerner’s conduct while associated with securities broker dealers. A customer initiated investment related securities arbitration claim involving Lerner’s conduct resulted in the customer being awarded $25,200.00 in compensatory damages because Shearson Lehman Brothers Inc. was held liable on the customer’s claims which included churning as well as unauthorized and unsuitable trading in the customer’s account. NYSE Arbitration No. 1991-000842.
A different customer initiated investment related securities arbitration claim involving Lerner’s conduct resulted in compensatory damages for the customer because Prudential Securities Incorporated was held liable for sales practice violations. NYSE Arbitration No. 1995-004998. The Statement of Claim alleged that the customer was misled about the terms of fixed annuities.
Lerner is also referenced in a customer initiated investment related complaint filed on February 1, 2001, in which the customer requested $120,000.00 in damages based upon allegations that Lerner engaged in excessive trading in stocks, made unsuitable recommendations, and ignored the customer’s instructions when Lerner was associated with PSI. The securities broker dealer denied this complaint.
On November 14, 2022, another customer filed an investment related complaint involving Lerner’s conduct in which the customer requested $27,775.00 in damages based upon allegations that Lerner did not manage the account in the customer’s best interest during the time that Lerner was associated with Morgan Stanley. This complaint was denied.
Lerner was associated with Morgan Stanley in New York, New York from October 19, 2018, to February 13, 2024. Prior to that, Lerner was associated with UBS Financial Services Inc. in New York, New York from January 9, 2009, to October 31, 2018.
