- January 8, 2021
- Morgan Stanley
Broker and investment adviser Darryl Cohen (CRD#: 2786613) has been employed by member firm Morgan Stanley since 2015.
According to publicly available information released by the Financial Industry Regulatory Authority (FINRA), on November 18, 2020, a customer dispute was made against Darryl Cohen for allegedly misappropriating funds from the client’s account. A total of $480,000.00 is sought in damages. The matter remains pending.
Other Customer Complaints
On May 27, 2020, according to publicly available information released by FINRA, a pending customer dispute alleged that Darryl Cohen acted unsuitably concerning the use of liquidity access line to loan funds to outside business entities between 2015 and 2020. This dispute remains pending.
On October 3, 2011, a customer dispute against Darryl Cohen was denied. According to publicly available information released by FINRA, the customer alleged that he made several attempts to get his FA to execute orders to liquidate positions in two accounts but that his orders were not executed as instructed. The alleged damages are unspecified but believed to exceed $5,000.
On April 5, 2010, a customer dispute against Darryl Cohen was settled for $16,500. According to publicly available information released by FINRA, the customer alleged that an unauthorized journal transfer from his account was made to another customer of the registered representative. The damages sought were $10,000. A similar complaint was received and closed with no action in 2009.
On November 5, 2011, an arbitration award was entered for $81,851.00 as a result of allegations that Darryl Cohen violated the suitability rule and carried out unauthorized trades on their accounts.
For a copy of Darryl Cohen’s FINRA arbitration details, click here.
For a copy of Darryl Cohen’s FINRA BrokerCheck in this case, click here.
Why Misappropriation Is a Risk
One of the FINRA rules that securities professionals are expected to adhere to is the prohibition from improper use of a customer’s funds or securities. When customers place funds into their account or securities are purchased in their name, they are to have a reasonable expectation that a broker won’t, in effect, steal what doesn’t belong to them.
The Wolper Law Firm represents investors nationwide in securities litigation and arbitration on a contingency fee basis. Matt Wolper, the Managing Principal of the Wolper Law Firm, is a trial lawyer who has handled hundreds of securities cases during his career involving a wide range of products, strategies and securities. Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters. We can be reached at 800.931.8452 or by email at mwolper@wolperlawfirm.com.
Attorney Matthew Wolper
Matt Wolper is a trial lawyer who focuses exclusively on securities litigation and arbitration. Mr. Wolper has handled hundreds of securities matters nationwide before the Financial Industry Regulatory Authority (FINRA), American Arbitration Association (“AAA”), JAMS, and in state and federal court. Mr. Wolper has handled and tried cases involving complex financial products and strategies ranging from traditional stocks and bonds to options, margin and other securities-based lending products, closed/open-end mutual funds, structured products, hedge funds, and penny stocks. [Attorney Bio]