Paul David Babaz of Atlanta Georgia a stockbroker formerly employed by Morgan Stanley has been terminated by the securities broker dealer on October 4, 2019 based upon allegations that (1) trades were effected in Morgan Stanley customer accounts without authorization and (2) trade adjustment forms had been improperly used by Babaz in reference to customers’ securities transactions.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Babaz has been identified in three more customer initiated investment related disputes that concern accusations of his misconduct while the stockbroker was employed by Morgan Stanley and Citigroup Global Markets. Specifically, a customer filed an investment related complaint involving Babaz’s conduct where the customer requested damages estimated to exceed $5,000.00 founded on allegations that misrepresentations had been made concerning an annuity Babaz sold during the time that he was associated with Smith Barney.
Babaz is the subject of a customer initiated investment related arbitration claim which was settled for $90,000.00 in damages supported by accusations that an investment strategy had been utilized by the stockbroker resulting in losses for the customer’s account. Also, a customer initiated investment related arbitration claim regarding Babaz’s activities was resolved for $14,999.00 in damages based upon allegations that when Babaz was employed by Citigroup Global Markets, the stockbroker neglected to advise the customer on using a protective put option or a collar as a way of hedging risks of the customer’s large UPS stock position.
Babaz has been registered with Oppenheimer Co. Inc. since October 8, 2019.
