Morgan Stanley Broker Accused of Making Unsuitable Recommendations
Thomas Craig Bonds, a registered broker with Morgan Stanley, has been named in a customer dispute, according to publicly available information. The broker is accused of unsuitability in a pending complaint filed on December 3, 2021. Bonds has four previous customer disputes, three of which resulted in settlements for the customers.
The investment and securities fraud law firm Levin Law, P.A. is investigating claims of misconduct against Thomas Bonds and other brokers. Levin Law represents investors who have sustained losses as a result of being recommended and sold unsuitable investments.
Harmed investors are encouraged to contact Levin Law for a free case evaluation to determine whether they may be eligible to pursue a lawsuit or arbitration to recover damages. Call managing partner Brian Levin at (305) 402-9050 or email contact@levinlawpa.com to discuss your legal options.
Bonds Accused of Unsuitable Recommendations
A customer dispute filed with the Financial Industry Regulatory Authority (FINRA) alleges that Morgan Stanley broker and adviser Thomas Bonds engaged in unsuitability with regard to a client’s account from April 2015 to September 2021. The client is seeking damages in the amount of $5,000,000.
Bonds has 33 years of experience working with several different brokerage firms. He has been employed in some capacity with Morgan Stanley since December 2004. Before his employment with Morgan Stanley, he worked for Merrill Lynch, Pierce, Fenner & Smith, Inc., Smith Barney, Inc., and Lehman Brothers.
During his time with those brokerage firms, he was involved in four customer disputes. The disputes involved churning, unsuitability, and unauthorized trading. Three of the four disputes were settled. The settlements ranged from just over $11,000 to more than $60,000 for unsuitability and unauthorized trading.
What Is Unsuitability?
Under FINRA Rule 2111, a broker-dealer or its representative must make a suitable recommendation. Suitability is determined by reviewing a customer’s investment profile, including the customer’s risk tolerance, age, financial situation, liquidity needs, experience, and objectives.
Unsuitable investment recommendations can result in devastating losses to clients. A failure to complete reasonable diligence before making an investment recommendation or strategy is a violation of regulatory requirements. It is important to discuss your case with an attorney to determine if you should pursue a legal remedy.
Contact Levin Law, P.A. for a Free Case Evaluation
Investors who have suffered financial losses as a result of stockbroker misconduct or investment fraud are encouraged to contact Levin Law, P.A. for a free case evaluation. Aggrieved investors may have the right to file a lawsuit or pursue arbitration for unsuitability, unauthorized trading, negligence, violation of state and federal regulations, fraud, failure to supervise, and other wrongdoing.
Call our office at (305) 402-9050 or email attorney Brian Levin directly at contact@levinlawpa.com for a confidential consultation. All consultations are completed without obligation to retain our services. Most cases are accepted on a contingency fee basis, meaning that clients are not responsible for Levin Law attorneys’ fees unless money is recovered on their behalf.
About Levin Law
Levin Law is a premier national cryptocurrency, securities, commodities, futures, and class action law firm. Brian Levin, Levin Law’s founding attorney, has helped recover in excess of $150,000,000 through arbitration and litigation for individual and institutional investors throughout the country and the rest of the world. Levin Law represents retirees, individual investors, high-net-worth investors, ultra-high-net-worth investors, institutions, family offices, trusts, publicly held companies, and others.
