Securities Arbitration Lawyers BlogBroker 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.