Securities Arbitration Lawyers BlogSilver Law Group is Investigating Claims Against Morgan Stanley Broker Peter Doyle for Unsuitable Investments
Peter J. Doyle
CRD#2370593
Silver Law Group is investigating former Washington DC-based Morgan Stanley broker Peter J. Doyle after a customer was awarded in excess of $8,000,000 million for alleged unsuitable investment advice, misrepresentation and elder abuse.
According to FINRA’s BrokerCheck report on Doyle, a complaint was received in July 2015 that alleged unsuitable investment advice, conversion of customer funds, financial elder abuse, negligence and unfair competition. In June of 2016, a FINRA arbitration panel found Doyle and Morgan Stanley jointly liable for $6,114,857 in compensatory damages. Due to the egregious conduct relating to elder fraud, $2,000,000 in punitive damages where awarded to the complainant based on the panels finding of financial abuse of an elder.
Another complaint was filed with FINRA in February of 2017, this time for alleged unsuitability with damages alleged at $600,000.
In July of 2017, FINRA indefinitely suspended Doyle for failure to appear for a on the record testimony relating to the investigation into his conduct at his previous member firm.
Doyle was employed by Morgan Stanley at their Washington DC location from 2009 to 2016.
Among other investment tenets, brokers are required to recommend suitable investments to their clients. This requires that the broker: Investigates and conducts due diligence into the investment’s attributes including its benefits, risks, tax consequences, and other relevant factors to form a reasonable basis for the recommendation of the product; and appropriately matches the investment with the customer’s specific investment needs and objectives, such as the customer’s retirement status, long or short-term goals, age, disability, income needs, or any other relevant factors.
The misrepresentation or omission of material facts concerning investment recommendations by a brokerage firm and its representatives may be a cause of action in a FINRA arbitration claim for damages. There are two types of misrepresentations and omissions; those that are fraudulent and those that are negligent.
Misrepresentations often occur during the offering process or prior to investing in a particular product. Misrepresentation can vary in appearance and, if made intentionally, are often times made in order to induce an unwitting investor to invest. An example of a misrepresentation can include promises of high dividends or that the company of the underlying investment will go public in a year.
If proven, an intentional misrepresentation can have serious consequences, as it is a violation of Rule 10b-5 of the Securities Exchange Act of 1934.
FINRA arbitration is a fast, efficient way to recover your lost investment funds due to unauthorized trading. The Silver Law Group works on a contingency fee basis, meaning you pay us nothing unless we recover money for you.
If you invested with Peter J. Doyle and Morgan Stanley and have lost money doing so, you may be able to recover some or all of your losses. We are experienced in recovering investor losses due to broker/brokerage firm misconduct and mismanagement through FINRA arbitration.
Silver Law Group represents the interests of investors who have been the victims of investment fraud. If you have questions about your legal rights, please contact Scott Silver of the Silver Law Group for a free consultation at ssilver@silverlaw.com or toll-free at (800) 975-4345.