Securities Lawyers Blog
According to BrokerCheck records former financial advisor Michael Ralby (Ralby), formerly employed by Morgan Stanley has been subject to eight customer complaints and one regulatory matter in his career. According to records kept by The Financial Industry Regulatory Authority (FINRA), many of the complaints against Ralby concern allegations of unsuitable investments.
In March 2018, Ralby entered into a consent agreement with FINRA where Ralby consented to the sanction and to the entry of findings that he refused to appear for a FINRA on-the-record testimony for the regulator’s investigation into whether Ralby had accepted loans from a customer in violation of FINRA rules.
In July 2018, a customer filed a complaint alleging that Ralby engaged in unsuitable investments in structured products from March 2016 until August 2016. The client alleged $37,170 in damages and the case was resolved.