Erez Law is currently investigating former New York-based Morgan Stanley financial advisor Jeffrey Neil Cadan (CRD# 2726285). Cadan was registered with Morgan Stanley in New York, New York since 2011 and was terminated in December 2016 for “Concerns related to employee’s exercise of discretion and investment strategy.”
Cadan declared bankruptcy in 2012. He has been the subject of 11 customer complaints, three of which were denied, between 2008 and 2012, according to his CRD report:
- June 2012. “Claimants allege unsuitable recommendations, misrepresentations and omissions in connection with the purchase of structured notes.” The client sought $337,187 in damages and the case was settled for $170,000.
- May 2012. “Claimant alleges breach of fiduciary duty, negligence, fraud, fraudulent inducement, negligent supervision, misrepresentation and omissions, suitability and failure to supervise regarding its accounts and purcahses (sp) of Lehman Brothers principal protected notes. Time frame:2007 to the present.” The customer sought $700,000 in damages and the case was settled for $345,500.
- April 2012. “Claimant alleges securities fraud, common law fraud and misrepresentation, breach of fiduciary duty, breach of contract, failure to disclose a material conflict of interest, negligence, failure to supervise, respondeat superior and control person liability regarding the investments in his accounts and purchases of Lehman Brothers principal protected notes. Time frame: 2007 to the present.” The client sought $650,000 in damages and the case was settled for $225,000.
- January 2012. “Time frame: 2007 to the present claimant alleges breach of fiduciary duty, misrepresentation and omissions, over concentration, breach of contract, failure to disclose a material conflict of interest, common law fraud, negligence, fraudulent inducement and failure to supervise regarding her accounts and purchases of Lehman Brothers principal notes.” The client sought $425,000 in damages and the case was settled for $235,000.
- December 2011. “Time frame: 2007 to the present claimant alleges securities fraud, common law fraud and misrepresentation, unsuitability, breach of fiduciary duty, failure to disclose a material conflict of interest, negligence, failure to supervise, respondeat superior and control person liability regarding the investments in their accounts, including Lehman Brothers notes as well as common stock of financial institutions.” The client sought $654,000 in damages and the case was settled for $225,000.
- November 2011. “Claimants allege securities fraud, common law fraud and misrepresentation, unsuitability breach of fiduciary duty, failure to disclose a material conflict of interest, negligence, failure to supervise in violation of federal and state securities laws and finra rules, respondeat superior, control person liability and failure to supervise with regard to their purchase of structured products issued by Lehman Brothers. Time frame: 11/2007-3/2008.” The customer sought $325,000 in damages and the case was settled for $155,000.
- August 2009. “Claimant alleges that his accounts had an overconcentration in financial sector securities, causing losses.” The customer sought $1.4 million in damages and the case was settled for $400,000.
- February 2009. “Time frame: 2008 claimant alleges that respondents made unsuitable recommendations and failed to diversify her accounts causing unspecified losses during 2008.” The customer sought $100,000 in damages and the case was settled for $117,000.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Morgan Stanley may be liable for investment or other losses suffered by Morgan Stanley customers.
Erez Law represents investors in the United States for claims against Morgan Stanley financial advisor Jeffrey Neil Cadan who is alleged to exercise discretion and investment strategy. If you were a client of Morgan Stanley financial advisor Jeffrey Neil Cadan another firm, and have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.
"*" indicates required fields
