Haselkorn & Thibaut has opened an investigation into Stephen Farmer, a registered financial advisor affiliated with Morgan Stanley in San Francisco, California. If you have worked with Mr. Farmer or have concerns about your investments, understanding his regulatory background is a wise first step toward protecting your financial interests.
Who Is Stephen Farmer (Morgan Stanley, San Francisco CA)?
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Stephen Farmer (CRD#: 6583874) is a financial advisor currently registered as both a broker and investment advisor with Morgan Stanley. Based out of San Francisco, California, Mr. Farmer brings nine years of experience in the securities industry. He has held his position with Morgan Stanley since 2016 and is credentialed through the passage of the Securities Industry Essentials Examination (SIE), Series 66, and Series 7 exams. Importantly, he holds licenses to operate in 54 jurisdictions, which allows him to serve clients nationwide.
Current Status: Regulatory Background and Investigation
Recognizing the importance of transparency and trust, Haselkorn & Thibaut is conducting an active investigation into Stephen Farmer’s conduct as a Morgan Stanley financial advisor. Our law firm is dedicated to helping investors like you understand potential risks and assess whether any investment losses may be recoverable.
Investor Complaints: What Is Publicly Disclosed?
| Date | Allegation | Amount | Status |
|---|---|---|---|
| November 2025 | Omission of material facts related to an exchange fund, including placement fee and transfer process. | $200,000 | Denied by Morgan Stanley |
FINRA BrokerCheck reflects one investor complaint against Mr. Farmer, filed in November 2025. The complaint alleged that Mr. Farmer, acting as a Morgan Stanley representative, failed to disclose certain important features about an exchange fund—specifically, the placement fee and the transfer process. The investor sought $200,000 in damages. According to public records, Morgan Stanley denied this claim.
Beyond this complaint, there are no other reported disclosure events involving Stephen Farmer according to FINRA BrokerCheck, the SEC database, state regulators, or any relevant media sources. That means no arbitrations, settlements, criminal matters, or industry disciplinary actions currently appear connected to him.
You can always review the most current regulatory profile at FINRA BrokerCheck.
Important Rules Governing Financial Advisors
As an investor, it is helpful to know the industry standards that advisors are expected to uphold:
- FINRA Rule 2020: Prohibits brokers from using manipulative, deceptive, or fraudulent devices in effecting securities transactions or making investment recommendations.
- FINRA Rule 2010: Requires that financial advisors observe high standards of commercial honor and equitable principles of trade in all business conduct.
If a broker violates these rules, they can potentially be held liable for investor losses. Even in the absence of settlements or disciplinary actions, alleged failings—such as the complaint regarding omissions about fees and transfer processes—can be red flags that warrant additional scrutiny.
Complete List of Regulatory Findings and Complaints
For those considering Stephen Farmer or already working with him, here is a summary of the complete available regulatory history:
- One customer complaint (2025), alleging lack of disclosure on specific investment details, denied by Morgan Stanley
- No reported arbitration claims involving Mr. Farmer
- No regulatory enforcement actions by FINRA or the SEC
- No civil, criminal, or bankruptcy actions or judgments
- No state-level sanctions or pending investigations
- No reported negative media coverage
Red Flags: What Should Investors Watch For?
Even with only one denied complaint, investors should be vigilant when evaluating financial advisors. The regulatory framework exists to protect investors from misrepresentation, omitted disclosures, or any behavior that falls short of industry standards. Any time a client raises concerns about transparency or fees, it is appropriate to pause and independently review your account and communications.
Remember:
- Were all material facts and fees explained to you?
- Did you fully understand the risks, benefits, and processes related to your investments?
- Are you confident your advisor upheld both the letter and spirit of industry rules?
If you answered “no” or are unsure on any of these, a second opinion can help.
Why Contact Haselkorn & Thibaut?
Haselkorn & Thibaut (investmentfraudlawyers.com) is a national law firm specializing in investment and securities fraud. With over 50 years of combined experience, a 98%+ success rate, and millions recovered for clients, we offer a no recovery, no fee promise.
- Free, confidential case review
- Seasoned attorneys who understand the financial services industry
- No fees unless we recover compensation for you
If you have concerns about Stephen Farmer of Morgan Stanley in San Francisco or believe you may have suffered investment losses, reach out today. Our team can help you evaluate your options with empathy, discretion, and experience. Protect your hard-earned money and make informed decisions about your financial future.
