Morgan Stanley Broker, William Dumchus, Has Two Pending Complaints Alleging The Sale Of Unsuitable Investments

• November 18, 2018
• Morgan Stanley
• Unsuitability
• Unsuitable

The Wolper Law Firm is currently investigating claims against William Dumchus, a Financial Adviser at Morgan Stanley in Short Hills, NJ. William Dumchus has been in the securities industry since the 1980s and has worked for Wells Fargo Advisors.

According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), in October 2018, two customers filed complaints against William Dumchus, both alleging “Claimant alleges that from 2006 through 2017, the FA presented an unsuitable investment plan.” The first complaint alleges damages of $250,000 and the second complaint alleges damages of $350,000. Both complaints remain pending.

For a full copy of William Dumchus’ FINRA disclosure report, click https://brokercheck.finra.org/individual/summary/1098533#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 is interested in speaking with clients of William Dumchus as part of its investigation. We can be reached at 800.931.8452 or by email at mwolper@wolperlawfirm.com. 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.