Articles Tagged with Morgan Stanley

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker James Hedgspeth (Hedgspeth), currently associated with Morgan Stanley, has at least one disclosable event. These events include one customer complaint, alleging that Hedgspeth recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a pending customer complaint with a damage request of $14,435.00 on June 20, 2025.

Customer alleges that registered representative liquidated assets without customer authorization and failed to disclose the corresponding tax implications.

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Youssef Zohny (Zohny), currently associated with Morgan Stanley, has at least one disclosable event. These events include one customer complaint, alleging that Zohny recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a pending customer complaint with a damage request of $4,500,000.00 on June 17, 2025.

Claimants allege, inter alia, that the investment strategy implemented in their managed accounts was not what they had agreed to when they had discussed their investment goals and asset allocation June 2024 – April 2025

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Ron Filoramo (Filoramo), previously associated with Morgan Stanley, has at least 2 disclosable events. These events include 2 regulatory events, alleging that Filoramo recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a final customer complaint on October 11, 2023.

The Securities and Exchange Commission (‘Commission’) deems it appropriate and in the public interest that public administrative proceedings be, and hereby are, against Ronald E. Filoramo (‘Filoramo’ or ‘Respondent’).\<char_lb_r>\, Respondent has submitted an Offer of Settlement (the ‘Offer’) which the Commission has determined to accept.\<char_lb_r>\, The commission finds that on October 2, 2023, a judgment was entered by consent against Filoramo permanently enjoining him from future violations of Section 17(a) of the Securities Act of 1933, and Section 10(b) of the Exchange Act and Rule 10b-5 thereunder, in the civil action entitled Securities and Exchange Commission v. Ronald E. Filoramo, Civil Action Number 0:23-cv-61858, in the United States District Court for the Southern District of Florida.\<char_lb_r>\, The Commission’s complaint alleged, among other things, that from approximately February 2017 through October 2021, Filoramo misappropriated approximately $761,000 from two of his long-standing brokerage customers. Filoramo represented that he would invest the customers’ funds in securities he recommended, but instead misappropriated the money for his personal benefit, namely for gambling and related expenses. To conceal his fraud, Filoramo recommended to the customers that they purchase bonds from a purported MSSB client and instructed them to send their funds directly to that client. Filoramo also created fake documents that purported to show the bond purchases. In fact, the customers unknowingly transferred their funds to bank accounts controlled by one of Filoramo’s friends who, in turn, transferred the funds to a bank account controlled by Filoramo. No bonds were ever purchased, and Filoramo spent almost all of the money, mainly at casinos.

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Stephen Takeda (Takeda), previously associated with Morgan Stanley, has at least one disclosable event. These events include one regulatory event, alleging that Takeda recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a final customer complaint on September 05, 2023.

Without admitting or denying the findings, Takeda consented to the sanction and to the entry of findings that he refused to provide documents and information requested by FINRA in connection with its investigation into potential rule violations stemming from a customer complaint and other potential violations. The findings stated that the customer complaint made to FINRA involved potential customer loans.

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Gianluca De Berardinis (De Berardinis), previously associated with Morgan Stanley, has at least one disclosable event. These events include one regulatory event, alleging that De Berardinis recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a final customer complaint on December 12, 2023.

Respondent De Berardinis failed to respond to FINRA requests for information.

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Philip Stair (Stair), currently associated with Morgan Stanley, has at least one disclosable event. These events include one customer complaint, alleging that Stair recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a settled customer complaint with a damage request of $400,000.00 on December 11, 2023.

Claimant alleges, inter alia, misrepresentation with respect to failure to disclose the risks associated with corporate bond investments – 2022

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Doug Mckelvey (Mckelvey), previously associated with Morgan Stanley, has at least one disclosable event. These events include one regulatory event, alleging that Mckelvey recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a final customer complaint on January 22, 2024.

The Securities and Exchange Commission (‘Commission’) deems it appropriate and in the public interest that public administrative proceedings be, and hereby are, instituted against Douglas McKelvey (‘Respondent’). In anticipation of the institution of these proceedings, Respondent has submitted an Offer of Settlement (the ‘Offer’) which the Commission has determined to accept. The Commission finds that on November 20, 2023, a judgment was entered by consent against McKelvey, permanently enjoining him from future violations of Section 10(b) of the Exchange Act and Rule 10b-5 thereunder, in the civil action entitled Securities and Exchange Commission v. Douglas McKelvey, No. 4:23-CV-564, in the United States District Court for the Northern District of Texas. The Commission’s complaint alleged that, from approximately June 2013 through February 2022, McKelvey engaged in a fraudulent scheme through which he misappropriated more than $1.7 million from accounts of two elderly relatives who were brokerage customers while he served as their financial advisor at Financial Institution A. The complaint further alleged that McKelvey sold securities from the customers’ accounts to generate some of the funds he misappropriated and took steps attempting to conceal his misconduct. On June 6, 2023, McKelvey pled guilty to one count of money laundering before a United States Magistrate Judge in the United States District Court for the Eastern District of Texas, in United States v. McKelvey, Crim. No. 4:23-CR-75. The Court accepted McKelvey’s plea on July 8, 2023. In connection with that plea, Respondent admitted, inter alia, that beginning in approximately 2009, McKelvey began misappropriating investor funds held in brokerage accounts at Financial Institution A. Such funds were entrusted to Financial Institution A for the purpose of legitimate business investments but were instead redirected by McKelvey for personal, nonbusiness use. In total, McKelvey misappropriated at least $1.5 million in investor funds held at Financial Institution A.

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker James Tighe (Tighe), previously associated with Morgan Stanley, has at least one disclosable event. These events include one customer complaint, alleging that Tighe recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a settled customer complaint with a damage request of $16,000,000.00 on March 18, 2024.

Clients alleged, among other things, that their FA processed withdrawals and other disbursements made by their agent without proper authorization.

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker James Hedgspeth (Hedgspeth), currently associated with Morgan Stanley, has at least one disclosable event. These events include one customer complaint, alleging that Hedgspeth recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a pending customer complaint with a damage request of $14,435.00 on June 20, 2025.

Customer alleges that registered representative liquidated assets without customer authorization and failed to disclose the corresponding tax implications.

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Youssef Zohny (Zohny), currently associated with Morgan Stanley, has at least one disclosable event. These events include one customer complaint, alleging that Zohny recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a pending customer complaint with a damage request of $4,500,000.00 on June 17, 2025.

Claimants allege, inter alia, that the investment strategy implemented in their managed accounts was not what they had agreed to when they had discussed their investment goals and asset allocation June 2024 – April 2025

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