Securities Lawyers Blog
According to BrokerCheck records financial advisor John Busco (Busco), currently employed by Laidlaw & Company (UK) Ltd. (Laidlaw) and previously with Morgan Stanley has been subject to at least 11 customer complaints and one regulatory action during the course of his career. According to records kept by The Financial Industry Regulatory Authority (FINRA), Busco’s customer complaints allege that Busco recommended unsuitable securities recommendations in a variety of products including alternative investments among other allegations of misconduct in the handling of customer accounts.
In March 2019 a customer filed a complaint alleging that Busco violated the securities laws by, among other things, that Busco made unsuitable investments in alternative investments from 2009 through 2018 causing damages. The claim is currently pending.
In April 2011 a customer filed a complaint alleging that Busco violated the securities laws by, among other things, that Busco made unsuitable investments in Fannie Mae and Freddie Mac causing $120,000 in damages. The claim settled for $40,000.