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.