Former Morgan Stanley Financial Advisor, Ralph A. Jackson III, Has Reported Seven Customer Disputes

• May 15, 2026
• Morgan Stanley

Broker’s Background

 

Ralph A. Jackson III (CRD #: 1569213) is registered investment advisor with Fourstar Wealth Advisors, LLC. He is located in El Segundo, CA. Jackson’s past employers include Morgan Stanley, UBS Financial Service Inc., Salomon Smith Barney Inc., PainWebber Incorporated, Kidder, Peabody & Co., Incorporated, Smith Barney Inc., Lehman Brothers Inc., Dean Witter Reynolds Inc., Equico Securities, Inc., The Equitable Life Assurance Society of the United States and Fourstar Wealth Advisors, LLC.

 

Current and Past Allegations of Conduct Leading to Investment Loss

 

According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), in March 2026, Ralph A. Jackson III became the subject of a customer dispute alleging, “inter alia, that the trading implemented in the client’s account was excessive and unsuitable 2021-2025”. The damage amount requested is $6,272,362.00.

In addition, Ralph A. Jackson III has been the subject of eight past FINRA disclosures, including:

 

• November 2025—”Clients alleged, among other things, that he was overcharged on his investments from 2019-2024.” The dispute was settled for $800,000.

 

• May 2025—Morgan Stanley terminated Jackson for participation in undisclosed financial transactions involving clients.

 

• January 2023—”Trustee alleges, inter alia, investments are high yield corporate bonds were unsuitable 2014-2019.” Dispute was settled for $165,000.

 

• November 2014—”TIME FRAME: FEBRUARY 4, 2002 TO SEPTEMBER 28, 2007 THE CLIENT’S ATTORNEY ALLEGES SUITABILITY MISREPRESENTATIONS AND STATES THE FA ACTED LIKE HE HAD DISCRETION ON THE ACCOUNT. THE ALLEGED DAMAGES ARE ESTIMATED TO BE IN EXCESS OF $5,000.00.” Dispute was settled for $350,000.

 

• June 2013—”TIME FRAME: JANUARY 2002 – AUGUST 2008 PLAINTIFF ASSERTS CAUSES OF ACTION FOR FRAUD, CONSTRUCTIVE FRAUD, NEGLIGENT MISREPRESENTATON, BREACH OF FIDUCIARY DUTY, BREACH OF THE COVENANT OF GOOD FAITH AND FAIR DEALING, AND VIOLATION OF UNFAIR COMPETITION LAWS, AND ALLEGES FA JACKSON SOLICITED PLAINTIFF TO INVEST IN VARIOUS PRIVATE EQUITY INVESTMETNS, WHICH ALLEGEDLY WERE NOT SUITABLE FOR PLAINTIFF, AND ALLEGEDLY INVESTED ADDITIONAL PLAINTIFF FUNDS IN PRIVATE EQUITY INVESTMENTS WITH AUTHORIZATION.” Dispute was settled for $6,000,000.

 

For a copy of Ralph A. Jackson III’s FINRA Broker Check, click here

 

 

We Help Investors Recover Investment Losses

 

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.

 

Reasonable basis suitability requires that a recommended investment or investment strategy be suitable or appropriate for at least some investors. Reasonable basis suitability requires an advisor to conduct adequate due diligence so that he or she can determine the risks and rewards of the investment or investment strategy.

 

Quantitative suitability requires a brokerage firm or financial advisor with actual or de facto control over a customer’s account to have a reasonable basis for believing that a series of recommended transactions – even if suitable when viewed in isolation – is not excessive and unsuitable for the customer when taken together in light of the customer’s investment profile. No single test defines excessive activity, but factors such as the turnover rate, the cost-equity ratio, and the use of in-and-out trading in a customer’s account may provide a basis for a finding that a member or associated person has violated the quantitative suitability obligation.

 

Customer-specific suitability requires that a member or associated person have a reasonable basis to believe that the recommendation is suitable for a particular customer based on that customer’s investment profile. Among the criteria that a financial advisor must evaluate to satisfy his or her customer-specific suitability obligations include the investor’s age, tax status, time horizon, liquidity needs, and risk tolerance; a client’s other investments, financial situation and needs, investment objectives, and any other information disclosed by the customer should also be considered.

 

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 (855) 289-7868 or by email at mwolper@wolperlawfirm.com.