David Fenning (CRD#: 1005307), a registered representative with Morgan Stanley (CRD#: 149777) in New York, New York, is currently involved in a pending investor dispute, according to his BrokerCheck record accessed on June 25, 2020. What happened to lead to this investor complaint against David Fenning? Read on to learn more.
On May 5, 2020, a customer alleged that David Fenning made unsuitable investment recommendations and acted negligently regarding investments. The customer is seeking $173,000 in damages; the dispute is pending.
This is not the only disclosure on David Fenning’s BrokerCheck record. On July 12, 2011, customers alleged that David Fenning recommended unsuitable structured products. The client sought $77,800; the matter later settled.
What are structured products? Structured products are pre-packaged investments. These products commonly come in a “basket” of securities, which could include a variety of securities products, like derivatives, options, debt issuances, or foreign currencies. Before investing in structured products, investors should know that structured products are considered “unsecured debt.” Thus, even broker-dealers like UBS freely admit in their prospectuses that structured products carry significant risks. As such, investors should be careful to do their own due diligence before investing; investors should not solely rely on information provided by brokers.
On September 8, 2009, a customer alleged that he recommended unsuitable investments and executed unauthorized trades. The customer sought $$185,218; the matter ultimately settled for $72,500.
On August 12, 2009, a customer alleged that David Fenning breached his fiduciary duty, engaged in negligence, engaged in fraud, and recommended unsuitable investments in structured notes and preferred stock. The customer sought $750,000 in damages; the matter later settled.
What are structured notes? Structured notes are investment products issued by financial institutions. Returns are linked to the performance of the indices to which they are linked. Some unscrupulous brokers might brush off customer concerns about potential losses by touting so-called “principal protection.” But FINRA, the Financial Industry Regulatory Authority, warns that “principal protection” doesn’t mean “risk-free.” If the issuer of the note goes bankrupt, your “principal protection” disappears. For more information about structured notes, see our article “Dow Jones Tanks, Leading to Losses for Investors Holding Structured Notes.”
On July 23, 1997, a customer alleged that David Fenning made unsuitable and unauthorized trades in his account. The matter later settled for nearly $100,000.
David Fenning has passed the Series 66 – Uniform Combined State Law Examination, the Series 63 – Uniform Securities Agent State Law Examination, the SIE – Securities Industry Essentials Examination, the Series 7 – General Securities Representative Examination, and the Series 52 – Municipal Securities Representative Examination. He is registered to sell securities in Alabama, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, the District of Columbia, Florida, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, Puerto Rico, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virgin Islands, Virginia, Washington, and Wyoming. He is also a Registered Investment Adviser (RIA) in New Jersey and Texas.
David Fenning has worked in the securities industry for nearly 40 years. Over his 38-year career in the securities industry, he has worked for many broker-dealers. In addition to Morgan Stanley (CRD#: 149777), he has also worked for the following firms:
- UBS Financial Services, Inc. (CRDX#: 8174)
- Credit Suisse First Boston LLC (CRD#: 816)
- Donaldson, Lufkin & Jenrette Securities Corporation (CRD#: 7560)
- Painewebber Incorporated (CRD#: 8174)
- Kidder, Peabody & Co. Incorporated (CRD#: 7613)
- Smith Barney Shearson Inc. (CRD#: 7059)
- Lehman Brothers Inc. (CRD#: 7506)
- Smith Barney, Harris Upham & Co., Incorporated (CRD#: 7059)
- Drexel Burnham Lambert Incorporated (CRD#: 7323)
- Bevill, Bresler & Schulman Incorporated (CRD#: 6971)
- Hanauer, Stern & Company Incorporated (CRD#: 7077)
If David Fenning was your broker and you have questions about your investments, don’t hesitate to contact the securities attorneys of Fitapelli Kurta to learn more about your options for investment loss recovery. Call (877) 238-4175 or email firstname.lastname@example.org for your free case consultation with a securities attorney.