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Morgan Stanley broker, Shawn Michael Richardson, fined $5,000 by FINRA

shutterstock_208157017February 9, 2014, New York – Morgan Stanley broker, Shawn Michael Richardson, of Seattle, Washington, was fined $5,000 for exercising discretion in customer’s accounts without written authorization.

According to the Letter of Acceptance, Waiver and Consent (AWC) entered into by Richardson, on January 28, 2015, on December 21, 2012, Shawn Michael Richardson conducted two discretionary transactions in a Morgan Stanley customer’s brokerage account without previously obtaining the customer’s written authorization to do so. Specifically, Shawn Michael Richardson sold positons in two securities for a combined value of $138,137 to facilitate an outgoing wire request submitted that morning for $129,890. Before the sale, Shawn Michael Richardson and the customer had verbally discussed the transactions however, Shawn Michael Richardson and the customer never agreed on a time or price for the sales.

Shawn Michael Richardson has been in the securities industry for 22 years. Shawn Michael Richardson is still employed at Morgan Stanley’s Seattle office and has been since 2009. Shawn Michael Richardson worked for Wachovia Securities in Seattle, Washington from 2003 to 2009. From 1992 to 2003 he worked for Prudential Securities in New York, New York.

Shawn Michael Richardson received a customer complaint in 2009. The client alleged Shawn Michael Richardson failed to execute trades and sough $605,000 in damages. The complaint was later denied by Morgan Stanley.

In 2002 Shawn Michael Richardson received a customer complaint alleging unauthorized and self-serving trades. The customer is seeking $20,000 and according to Shawn Michael Richardson’s BrokerCheck Report the complaint is still pending.

If you or someone you know has lost money investing through Shawn Michael Richardson, Morgan Stanley, or any of its other brokers, you may be entitled to full recovery of your losses. The law provides victimized investors an avenue of recovery through arbitration with the Financial Industry Regulatory Authority (FINRA).  Time to file a claim with FINRA is limited, however, so do not delay. Call Fitapelli Kurta now.

Our firm exclusively handles arbitrations with FINRA on behalf of investors who have lost money as a result of corrupt broker practices. All cases are taken on a contingency fee and we prosecute cases nationwide. Call 877 – 238 – 4175.

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