• July 25, 2018
• Morgan Stanley
• Breach of Fiduciary Duty
• Unsuitability
• Unsuitable

The Wolper Law Firm, P.A. is currently investigating claims against Michael Fitz-Gerald, a former Financial Advisor at Morgan Stanley in San Francisco, CA.  Michael Fitz-Gerald has been in the securities industry since the 1970s and previously worked for UBS Financial Services.

According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), on June 6, 2018, a customer filed a complaint against Michael Fitz-Gerald alleging “unsuitability with respect to invstments in accounts…”   The alleged damages are $240,000 and the matter remains pending.

https://brokercheck.finra.org/individual/summary/209062#disclosuresSection

Michael Fitz-Gerald several more customer complaints reflected on his disclosure report, including the following complaints, alleging sales practice violations:

• February 2017—“Client alleged that his portfolio was not sufficiently diversified from 2012-2016.” The matter was settled for $185,000.
• February 2016—“Client alleges his portfolio was not sufficiently diversified…” The matter was settled for $50,000.
• December 1996—“Claimant alleged breach of fiduciary duty regarding purchases of Belmac and Flotec…” The matter was settled for $80,000.
• February 1996—Client alleged “unsuitability, breach of fiduciary duty and misrepresentation of common stock.” The matter was settled for $227,500.

Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives.  Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients.  To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.

If you or someone you know was a customer of Michael Fitz-Gerald and you experienced investment losses, please contact the Wolper Law Firm, P.A. at 800.931.8452 or by email at mwolper@wolperlawfirm.com to discuss your specific situation and the legal options available.  The Wolper Law Firm, P.A. represents investors nationwide in securities litigation and arbitration.

Matt Wolper, the Managing Principal of the Wolper Law Firm, P.A., 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.  Simply put, he knows how the other side evaluates cases, which gives you a competitive advantage.