Securities Lawyers Blog
Morgan Stanley financial advisor Michael Fitz-Gerald (Fitz-Gerald) has subject to five customer complaints according to BrokerCheck records. Fitz-Gerald has been employed with Morgan Stanley since November 2008. According to BrokerCheck the most recent customer complaints allege unsuitable investments and failure to diversify the portfolio among other claims.
The most recent complaint was filed in February 2017 and alleges investments in energy stocks since 2014 were unsuitable and did not specify damages. The claim is currently pending. In February 2016 another customer filed a complaint alleging $50,000 in damages as a result of a failure to diversify the portfolio. The claim was settled. The securities lawyers of Gana Weinstein LLP continue to investigate the customer complaints against Fitz-Gerald.
Our firm is currently tracking a number of brokers that severely concentrated their clients in the oil and gas and commodities sectors which has historically possessed speculative risks due to the volatile nature of commodities prices. Before making such recommendations, financial advisors must ensure that the oil and gas and commodities related investments being recommended to their client is appropriate for the investor and conduct due diligence on the company before making the recommendation. Unfortunately, sometimes adivsors fail to conduct sufficient research or understand the risks and prospects of the company and the volatile nature of commodities.