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Former Morgan Stanley Financial Advisor, James Mewhinny, Has Pending Customer Complaint Alleging Unsuitable Closed-End Fund Recommendations

James Mewhinny is a former Financial Advisor at Morgan Stanley in Dallas, Texas.  James Mewhinny has been in the securities industry since 1978 and worked at Morgan Stanley 2008.

According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), in November 2018, a customer filed a complaint against James Mewhinny, alleging “ATTORNEY FOR TRUSTEE ALLEGES FA MADE EXCESSIVE AND UNSUITABLE CLOSED END FUND TRANSACTIONS. 2012-2017.”  The customer alleges damages of $550,000 and the matter remains pending. 

A second complaint was filed against James Mewhinny in 2008 regarding the sale of auction rate securities. That dispute was settled for $2.2 million, which represented a repurchase of the auction rate securities by the brokerage firm. 

For a copy of the James Mewhinny’s CRD, click https://brokercheck.finra.org/individual/summary/857321#disclosuresSection

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.  

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.

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