Morgan Stanley Smith Barney stockbroker David W. Fenning (CRD#1005307) discloses 5 customer disputes on his FINRA record. Four of the disclosed cases have been settled while one is still open.
Brokerage firms and stockbrokers are licensed and regulated by the Financial Industry Regulatory Authority (FINRA). FINRA regulations require members to mandatorily make certain disclosures like regulatory sanctions and customer disputes, as well as matters that could be considered to be financial in nature such as bankruptcies, liens, and judgments pertaining to themselves.
Fenning has been employed with Morgan Stanley Smith Barney since May 2019 prior to which he was registered with UBS Financial Services, Inc. which was long employment though the starting date has not been specified.
Four of the customer disputes on his record were filed between July 1997 and July 2011, while he was with UBS Securities. Breach of fiduciary duty, unsuitable recommendation, and misrepresentations in connection with the purchase of structured products, notes, and preferred stock, unauthorized trades and transactions, negligence, and fraud were the allegations that were made in these complaints that were settled for a total sum of $369,000.
The one that is still open was filed by a customer of UBS Financial Services in May 2020, after he had already moved to Morgan Stanley Smith Barney. The complaint alleges negligence and unsuitability regarding investment recommendations, claiming damages of $173,000. The FINRA case reference is #20-01343.
If you have had dealings with David Fenning and suspect possible wrongdoing, you could be entitled to proceed against one of his employers for damages. You can call one of the experienced investor attorneys at Haselkorn & Thibaut for a no-charge consultation.
With offices in New York, Florida, Arizona, Texas, and North Carolina, Haselkorn & Thibaut works with investors across the country and helps them recover losses incurred through negligence and/ or fraudulent activities of financial advisors and broker-dealers. Cases are generally handled on a contingent basis; in other words, you don’t pay us till you are successful in your recovery efforts.