WARNING TO INVESTORS—Alex Muscati III, A Financial Advisor At Morgan Stanley In Palm Harbor, FL, Has Been The Subject Of Eight Customer Complaints, One Of Which Remains Pending
The Wolper Law Firm is currently investigating claims against Alex Muscati III, a Financial Advisor at Morgan Stanley in Palm Harbor, FL.
According to public records released by the Financial Industry Regulatory Authority (FINRA), in April 2018, a customer filed a customer complaint against Alex Muscati, alleging “misrepresentation and omission of material facts concerning an annuity” and alleges damages of $260,000. Annuities are complex investment products that generally pay high commissions to Financial Advisors, which may serve as an incentive for the recommendation. In addition, many Financial Advisors fail to explain to investors that the value of variable annuities is subject to market risk and volatility, which can ultimately impact the income stream and long-term viability of the annuity.
Alex Muscati has been the subject of several other customer complaints during his career, including:
- May 2017—Customer alleged “unauthorized trading with respect to investments.” Alleged damages were $123,000 and the complaint was settled for $87,500.
- June 2009—Customer alleged “misrepresentation and unsuitable investment recommendations.” Alleged damages were $900,000 and the complaint was settled for $125,000.
- February 2005—Customer alleged that she was charged excessive fees. Alleged damages were $68,315 and the matter was settled for $68,283.
Brokerage firms are required by regulation to supervise the Financial Advisors they employ. The failure of a brokerage firm to properly supervise its Financial Advisors imposes liability on the brokerage firm for investment losses caused by the Financial Advisor’s misconduct.
If you or someone you know was a customer of Alex Muscati at Morgan Stanley and you experienced investment losses, please contact the Wolper Law Firm at 800.931.8452 or by email at firstname.lastname@example.org to discuss your specific situation and the legal options available. The Wolper Law Firm represents investors nationwide in securities litigation and arbitration.
- Former West Park Capital, Inc. and Laidlaw & Company LTD Broker, Bryan Mazliach, Investigated By FINRA For Alleged Violation Of FINRA Rules
- Former BMO Harris Financial Advisors, Inc. Broker, Lori Ann Sacco, Suspended Six Months By FINRA For Allegedly Altering Customer Account Documents
- Former Woodbury Financial Services, Inc. Broker, Jodie Lane, Suspended Six Months By FINRA For Allegedly Accepting Gifts And Becoming Beneficiary Of A Client
- Broker, Kimberley Schkade-Hill, Supsended by FINRA For Four Months And Fined $10,000 For Allegedly Having Clients Sign Documents In Blank
- LPL Financial LLC Broker, Matthew Clason, Is The Subject Of An SEC Enforcement Action For Allegedly Stealing Hundreds Of Thousands Of Dollars From A Client
- Former Capitol Securities Management Inc. Broker, Michael Rubel, Suspended By FINRA For 45 Days For Allegedly Engaging In Short-term Trading Of Unit Investment Trusts
- Recovering Your Investment Losses In Non-Traded Real Estate Investment Trusts And Business Development Companies
- Former Westpark Capital, Inc. Broker, Hary Datys, Suspended By FINRA For Fifteen Months For Allegedly Failing To Conduct Due Diligence Before Selling Promissory Notes
- Former Ameriprise Financial Services, LLC Advisor, Arthur Hoffman, Barred By FINRA For Allegedly Failing To Provide Documents In Relation To Investigation Into Outside Business Activities
- Crown Capital Securities Broker, Kenneth Barroga, Has Had Four Customer Complaint Disclosures