Published on:

Morgan Stanley’s Robert Newman Sanctioned Over Discretionary Trades

By

Robert NewmanPublicly available records published by the Financial Industry Regulatory Authority (FINRA) and accessed on July 30, 2018 indicate that California-based Morgan Stanley broker/adviser Robert Newman has been sanctioned by FINRA in connection to alleged rule violations. Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Newman (CRD# 4237176).

Robert Newman has spent 17 years in the securities industry and has been registered with Morgan Stanley in Los Angeles, California since 2009. Previous registrations include Morgan Stanley & Company in Los Angeles, California (2007-2009); Morgan Stanley DW in Beverly Hills, California (2005-2007); and UBS Financial Services in Weehawken, New Jersey (2000-2005). He has passed two securities industry examinations: Series 66 (Uniform Combined State Law Examination), which he obtained on November 9, 2000, and Series 7 (General Securities Representative Examination), which he obtained on October 19, 2000. He is a registered broker and investment adviser with 19 US states and territories: Arizona, California, Colorado, Connecticut, Delaware, Florida, Illinois, Maryland, Minnesota, Nevada, New Jersey, New York, North Carolina, Ohio, Oregon, Rhode Island, Virginia, Washington, and Wisconsin.

According to his BrokerCheck report, he was recently sanctioned by FINRA, has received two denied customer complaints, and resigned from a former employer in connection to alleged rule violations.

In May 2018 FINRA sanctioned him following allegations he made discretionary transactions in a client account without first obtaining prior written authorization from the customer and without his firm’s approval of the account for discretionary trading. He was issued a 10-day suspension and a fine of $5,000.

In 2016 a customer alleged Robert Newman, while employed at Morgan Stanley, made misrepresentations of material facts. The customer sought unspecified damages in the complaint, which was denied.

In 2015 a customer alleged Robert Newman, while employed at Morgan Stanley Smith Barney, made unsuitable investment recommendations. The customer sought $10,000 in damages in the complaint, which was denied.

In 2005 he resigned from UBS Financial Services in connection to allegations he impersonated a client. while contacting an annuity company and “did not provide consistent answers” to the firm during a review of the events.

If you or someone you know has a complaint regarding Robert Newman, call Fitapelli Kurta at 877-238-4175 for a free consultation. You may be eligible to recoup lost funds. Fitapelli Kurta accepts every case on contingency: we only get paid if and when you collect money. Time to file your claim may be limited, so we recommend you avoid delay. Call 877-238-4175 now to speak to an attorney for free.