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.
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