As was recently reported on January 24, 2017 by industry publication AdvisorHub (“Morgan Stanley Boots $6 Million New York City Producer”), Morgan Stanley Wealth Management has fired “three brokers on a high-producing New York City team” that conducted business as PC Wealth Management.
Michael F. Paesano, who joined Morgan Stanley in 2011 and had previously been associated with UBS Financial for a number of years, was “discharged” on December 21, 2016 in connection with “allegations relating to employee’s exercise of discretion and investment strategy.” According to his FINRA BrokerCheck report, financial advisor Paesano has been the subject of fifteen (15) customer complaints and, in September of 2016, the Internal Revenue Service filed a tax lien against him for the reported amount of $142,956.
The two (2) other brokers who were terminated by Morgan Stanley – Jeffrey Cadan and Richard Perkins – were also reportedly terminated in December 2016 in connection with the same “allegations relating to employee’s exercise of discretion and investment strategy.”
According to his FINRA BrokerCheck report, financial advisor Cadan has been the subject of eleven (11) customer complaints and, in November of 2012, he filed a petition for relief under Chapter 7 of the United States Bankruptcy Code.
If you are an individual or institutional investor who has any concerns about your investments with Morgan Stanley, please contact us for a no-cost and no-obligation evaluation of your specific facts and circumstances. You may have a viable claim for recovery of your investment losses by filing an individual securities arbitration claim with the Financial Industry Regulatory Authority (FINRA).