Levin Law, P.A., is investigating losses suffered by clients of former Morgan Stanley broker David Kraft (CRD#: 2356400). According to publicly available information from the Financial Industry Regulatory Authority (FINRA), Mr. Kraft has been barred from acting as a broker or otherwise associating with a broker-dealer firm.
If you have suffered losses after investing with David Kraft, contact Levin Law today at (305) 402-9050 or via email at firstname.lastname@example.org. Managing partner Brian Levin has recovered millions on behalf of victims of investment fraud and stockbroker misconduct. Investors may be able to recover losses through a FINRA arbitration.
In addition to being barred indefinitely, Mr. Kraft has been the subject of multiple customer disputes. The most recent two include allegations from clients that he removed funds from their accounts without authorization.
3/30/2020 – A customer dispute was filed with damages requested in the amount of $716,528.06, alleging that Mr. Kraft removed funds from the client’s account without authorization.
3/30/2020 – A client alleged that Mr. Kraft removed funds from a trust account without authorization. Damages are requested in the amount of $1,201,922.12.
A prior customer dispute alleging misrepresentation was settled for $40,000.
FINRA has the right to take regulatory actions against registered brokers and broker-dealer firms for any rule violations. On July 31, 2019, FINRA barred Mr. Kraft for failing to respond to requested information related to a suspension notice. Furthermore, FINRA issued an indefinite suspension against Mr. Kraft on December 10, 2019, after failing to comply with an arbitration award issued by the agency in May.
Regulatory agencies such as FINRA may take action against individual brokers as well as broker firms. If a brokerage firm violates a conduct rule, such as failure to supervise (Rule 3110), they may be held liable for losses through arbitration.
If you have suffered losses after investing with David Kraft or another Morgan Stanley broker, contact attorney Brian Levin directly at (305) 402-9050 or via email at email@example.com. All consultations are free and confidential. Most cases are accepted on a contingency fee basis, meaning clients are not responsible for Levin Law attorneys’ fees unless money is recovered on their behalf.
Levin Law is a premier national securities, commodities, and class action law firm. Brian Levin, Levin Law’s managing attorney, has obtained settlements and recoveries in excess of $100,000,000 in assets 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.