The former Morgan Stanley broker is reported to have convinced clients to invest in his own real estate deal
After numerous customer complaints, the Financial Industry Regulatory Authority (FINRA) began an investigation into the actions of broker Brian Sak. FINRA reported that he recommended to several clients that they invest in an outside business deal that his member firm knew nothing about. When Sak failed to provide FINRA with information, he was permanently barred from acting as a broker.
The investment Sak solicited his clients for was reportedly a real estate deal in which he himself was a partner. At the time, he was working for Morgan Stanley in Deerfield, IL. When the firm found out what Sak was doing, he was given the opportunity to resign.
Sak previously worked for four other firms, beginning with Vanguard Capital out of Del Mar, CA. He then moved on to Edward Jones in St Louis; Merrill Lynch, Pierce, Fenner & Smith Inc. in Northbrook, IL; and Morgan Stanley & Co. Inc. in Riverwoods, IL.
At least one of the clients Sak got to invest in his real estate deal was elderly, and if Sak didn’t fully explain the investment or the client lacked the capacity to consent, this may be considered elder financial fraud.
You can learn more about Brian Sak and the customer disputes against him in this BrokerCheck report created by FINRA.
In many cases, victims of elder fraud can reclaim the money they’ve lost through securities arbitration or other legal action. To talk to an experienced securities arbitration attorney, just get in touch with the Silver Law Group.
Scott Silver is the current chair of the American Trial Lawyers Association Securities and Financial Fraud Group and our expert legal team represents clients in securities law arbitration cases and victims of elder financial fraud to help them attempt to recover lost funds and get a sense of justice. We handle FINRA arbitration claims in Illinois and nationwide.
You will get an initial free consultation, and you won’t need to pay us anything for our services unless you recover money. In addition, we can visit you in your home to review your situation. Get in touch by sending us a message through our online contact form.