Securities Arbitration Lawyers Blog
Broker Michael Morrissett Subject Of $2M Client Dispute
Michael Turner Morrissett (CRD #1456789) is a registered broker and investment advisor who is currently employed with Wells Fargo Clearing Services, LLC (CRD #19616) of Roanoke, VA. His previous employers are First Union Brokerage Services, Inc. (CRD #8112) of Charlotte, NC and Dominion Investment Banking, Inc. (CRD #17523) He has been in the industry since 1986.
Morrissett is the subject of four disclosures, the most recent of which was filed on 4/5/2018. The claimants allege that Morrissett “misrepresented” two hedge funds in 2013 and 2015, and that the information provided on the two alternative investments was “misleading.” The clients have requested damages of $2,300,000. This case is currently pending.
The next customer dispute was filed on 1/15/2014, with the client alleging that Morrissett “pursued an unsuitable investment strategy beginning in 2000 that overexposed her account to the volatility of the equities markets during the global financial crisis of 2008 and 2009.” The case was settled for $85,000 by the firm to avoid the expense and hassle of litigation.
Nixon has a total of four disclosures in his record, the most recent a customer dispute filed on 7/9/2018. The claimants allege that from 2013 to 2018, Nixon violated both the Florida Securities Act and the Virginia Securities Act. They also allege that he committed common law and securities fraud and breached his fiduciary duty, and completely misrepresented multiple unsuitable securities and investments. Additional allegations include failure to supervise on the part of the firm (Paulson Investment.) Claimants are requesting damages in the amount of $3,000,000. The case is currently pending.
Another still-pending dispute was filed on 8/24/2017, and will be in securities arbitration. The client lists multiple allegations, including elder abuse, financial exploitation, breach of fiduciary duty, excessive trading and misrepresentation. The damages requested are listed at $9,500,000.00. However the claim has no damage amount listed, and the final sum will be determined in arbitration.
Venturino is the subject of 8 disclosures, most recently on 9/11/2018. This customer dispute alleges that from 12/24/14 to 02/28/18, he engaged in misrepresentation, unsuitable recommendations and churning. The client has requested damages of $290,359.83. This case is pending.
Wahby has one disclosure in her record, filed on 6/12/018. A client who invested in Future Income Payments, LLC (“FIP”) on Wahby’s recommendation, filed this customer dispute. This investment was supposed to provide the client with a guaranteed fixed amount and protect the client’s investments. However, the client alleges, she has received no income and her funds were no longer available. The client requested damages of $39,460.00 and the case was settled for $40,000.
Aegon USA Investment Management, operating through Transamerica Asset Management, Transamerica Capital, Inc. and Transamerica Financial Advisors, discovered the model’s inconsistencies, but didn’t notify anyone when they stopped using it. This kept investors from understanding the risks and kept them from making more informed decisions about their investments.
Scott Silver recently spoke with Jennifer Cefalu of