According to BrokerCheck records financial advisor Joseph Stern (Stern), currently employed by Morgan Stanley has been subject to at least three customer complaints during the course of his career. According to records kept by The Financial Industry Regulatory Authority (FINRA), Stern’s customer complaints allege that Stern recommended unsuitable securities recommendations in a variety of products including high yield bonds and corporate debt related investments among other allegations of misconduct in the handling of customer accounts.
In January 2019 a customer filed a complaint alleging that Stern violated the securities laws by, among other things, that Stern made unsuitable investment recommendations from October 2014 until January 2016 causing $75,000 in damages. The claim is currently pending.
In September 2017 a customer filed a complaint alleging that Stern violated the securities laws by, among other things, that Stern made misrepresentations with the respect to the risks of high yield bonds from 2012 through 2017. The claim settled for $30,000.