Our securities fraud attorneys are investigating a complaint filed by The Financial Industry Regulatory Authority (FINRA) against broker Mike Emmanouilidis (Emmanouilidis) formerly associated with Morgan Stanley. According to BrokerCheck records Emmanouilidis has been subject to 16 customer complaints. The customer complaints against Emmanouilidis allege misrepresenting the facts concerning the nature of investment risks in structured products among other claims.
The most recent claim against Mr. Emmanouilidis was filed in August 2016 and alleges that from 2013 to 2015, the customer was misrepresented of the investment risks in products causing $500,000 in damages. The complaint is currently pending.
In November 2011, a customer alleged that Mr. Emmanouilidis, while employed at UBS Financial Services, from November 2007 to May 2011, misrepresented material facts concerning the risks associated with an investment causing $100,000 in damages. The complaint settled in 2012 for $74,500.
In December 2010, a customer alleged Mr.Emmanouilidis made misrepresentations, omissions of material facts and breached his fiduciary duty in connection to investments in PPN Asian currency baskets causing losses of $54,375. The complaint settled for $100,000.
Another customer filed a complaint in November 2010 alleging $250,000 in in damages stemming from misrepresentation and omitting material facts in account from 2007 until 2008. The complaint settled in 2011 for $170,000. In November 2010, a customer alleged Mr.Emmanouilidis, while employed at UBS Financial Services, misrepresented and omitted material facts concerning an investment in Lehman structured notes causing $100,000 in damages. The complaint settled in 2011 for $68,000.
Brokers have a responsibility to treat investors fairly which includes obligations such as making only suitable investments for the client. In order to make a suitable recommendation the broker must meet certain requirements. First, there must be reasonable basis for the recommendation the product or security based upon the broker’s investigation and due diligence into the investment’s properties including its benefits, risks, tax consequences, and other relevant factors. Second, the broker then must match the investment as being appropriate for the customer’s specific investment needs and objectives such as the client’s retirement status, long or short term goals, age, disability, income needs, or any other relevant factor.
Mike Emmanouilidis entered the securities industry in 1983. From November 2008 through June 2009, Emmanouilidis was registered with Morgan Stanley & Co. Incorporated. Since June 2009 Emmanouilidis has been associated with Morgan Stanley out of the firm’s Wellesley, Massachusetts office location.
The investment fraud attorneys at Gana LLP represent investors who have suffered securities losses due to the mishandling of their accounts. The majority of these claims may be brought in securities arbitration before FINRA. Our consultations are free of charge and the firm is only compensated if you recover.