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Complaints Against Former Morgan Stanley Stockbroker Steven Mark Wyatt

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Steven Mark Wyatt of Mississippi was let go from the firm in 2012, but there are complaints to come. Recently, an arbitration panel has ordered Morgan Stanley to pay at least $2.4 million in the latest round of claims by clients of a former Ridgeland, Mississippi broker who has repeatedly been accused of mishandling investments.

Part of the interesting activity in these claims is that the stockbroker instituted a trading pattern after 2008 that included stocks that he owned. Steven Wyatt purchased thinly-traded stocks for his clients that he himself owned, while also loading up his clients’ portfolios with speculative bets on exchange-traded funds and other securities.

There have been more than three other claims with Steven Wyatt have been handled as settlements. There have been other claims, too, with awards. StockBrokerLawyer.com continues our investigation into the account of other customer’s of Steve Wyatt and Morgan Stanley because of the disturbing patterns of conduct that have been uncovered.

When the accounts are reviewed, to StockBrokerLawyer.com, it is clear that Morgan Stanley ignored red flags and warning signs, including unauthorized trading. Steven Wyatt was discharged from Morgan Stanley in 2012 and hasn’t worked as a stockbroker since.

Other Morgan Stanley employees are involved in these claims— branch manager Fred Eugene Brister III and adviser Hilary Zimmerman, a senior vice president — continue to work at the branch, according to a Morgan Stanley. StockBrokerLawyer.com is interested in reviewing the accounts of customers of these individuals, too, regarding whether the same pattern of recommendations is present, or if there is any other questionable conduct.

Morgan Stanley will pay fees and interest in addition to the $2.4 million judgement. “Morgan Stanley takes its responsibilities to its customers seriously and respectfully disagrees with the arbitrators’ decision,” a press statement read. Morgan Stanley still does not admit that its stockbroker did anything wrong, making the stakes very high for other investors of Steven Wyatt.

TAKE THE NEXT STEP

When we take action against stockbroker misconduct, we help level the playing field for all brokers.

If you aware of stock broker misconduct that is not being addressed, contact us:

Fogel & Associates
15260 Ventura Blvd.
Suite 2250
Sherman Oaks, CA 91403-5338
By phone: Call us toll-free at 1 (888) 986-9010
By email: Please fill out the form to the right

Contact StockBrokerLawyer now for a free, confidential review of your losses, and if they can be recovered.  The passage of time is always used as a defense, don’t delay, contact us now by calling (888) 986-9010, or emailing on the form provided.  We will respond as soon as possible, and having an independent no-cost review will help answer your questions.  We never share your personal information with third parties.

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