According to records kept by The Financial Industry Regulatory Authority (FINRA) financial advisor Ryan Wroblewski (Wroblewski), currently employed by Morgan Stanley and formerly registered with Aegis Capital Corp. (Aegis) has been subject to at least four customer complaints during the course of his career. Wroblewski’s customer complaints alleges that Wroblewski recommended unsuitable investments, made misrepresentations, unauthorized use of margin, and breach of fiduciary duty in various investments relating to the handling of client accounts.
In February 2021 a customer complained that Wroblewski violated the securities laws by alleging that Wroblewski made investments recommendations that the client alleges involved misrepresentations with respect to options investments from April 2018 to April 2020. The claim alleges $17,500 in damages and is currently pending.
In February 2021 a customer complained that Wroblewski violated the securities laws by alleging that Wroblewski made investments recommendations that the client alleges involved unsuitable investments, misrepresentation, breach of fiduciary duty, and breach of contract. The claim is currently pending.
In May 2020 a customer complained that Wroblewski violated the securities laws by alleging that Wroblewski made investments recommendations that the client alleges involved in unsuitable investments and unauthorized use of margin from 2014 through 2016. The claim alleges $985,000 in damages and is currently pending.
Brokers are required under the securities laws to treat their clients fairly. This obligation includes the duties to disclose material risks of the investments they recommend and to present products, particularly complex or confusing products, in a fair and balanced manner that allows the client to evaluate the recommendation. Another important obligation advisors have is to make only suitable recommendations for investments to the client. There are many investments that are not appropriate for the majority of investors or for certain investors given their risk tolerance, age, and other factors. Advisors should not present these investment options to clients. There are two screens that advisors must employ to determine whether an investment is suitable for a client. First, there must be a reasonable basis for the recommendation – meaning that the product has been investigated and due diligence conducted into the investment’s features, benefits, risks, and other relevant factors. The advisor must conclude that the investment is suitable for at least some investors and some securities may be suitable for no one. 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.
According to newsources, a study revealed that 7.3% of financial advisors had a customer complaint on their record when records from 2005 to 2015 were examined. Brokers must publicly disclose reportable events on their BrokerCheck reports that include customer complaints, IRS tax liens, judgments, investigations, terminations, and criminal cases. In addition, research has show a disturbing pattern with troublesome brokers where brokers with high numbers of customer complaints are not kicked out of the industry but instead these brokers are sifted to lower quality brokerage firms with loose hiring practices and higher rates of customer complaints. These lower quality firms may average brokers with five times as many complaints as the industry average.
Wroblewski entered the securities industry in 2013. From June 2014 until Aprile 2016 Wroblewski was registered with Aegis. Since April 2016 Wroblewski has been associated with Morgan Stanley out of the firm’s Garden City, New York office location.
Investors who have suffered losses are encouraged to contact us at (800) 810-4262 for consultation. At Gana Weinstein LLP, our attorneys are experienced representing investors who have suffered securities losses due to the mishandling of their accounts. Claims may be brought in securities arbitration before FINRA. Our consultations are free of charge and the firm is only compensated if you recover.