Dimond Kaplan & Rothstein, P.A. is investigating and prosecuting claims against Morgan Stanley related to broker Kevin C. Yang. Mr. Yang worked out of Morgan Stanley’s Pasadena, California branch office from May 2010 through April 2017. Morgan Stanley fired Mr. Yang after numerous customers alleged that Mr. Yang made unauthorized trades in the customers’ accounts.
Morgan Stanley Broker Preyed Upon Chinese-American Investors
Upon information and belief, Mr. Yang marketed extensively to the Chinese-American and other Asian-American communities in greater Los Angeles, often networking with Chinese-American certified public accountants to get client referrals from the accountants. At least one of Mr. Yang’s and Morgan Stanley’s customers resides in Taiwan.
While broker misconduct can happen between any stockbroker and customer, this type of misconduct is referred to as affinity fraud. That is when the fraudster preys upon members of identifiable groups, such as religious or ethnic communities. The fraudster often uses their cultural or religious similarities as a way to gain the clients’ trust, only to then abuse that trust by engaging in various forms of investment fraud.
FINRA Suspended Morgan Stanley Broker Kevin C. Yang
Securities regulator FINRA, suspended and fined Morgan Stanley broker Kevin C. Yang in March 2018 after finding that Mr. Yang improperly exercised trading discretion in 13 different customer accounts. In other words, FINRA found that Mr. Yang had made unauthorized trades in customer accounts.
In addition, Mr. Yang has been the subject of no fewer than six customer complaints alleging, among other things, that Mr. Yang made improper and unauthorized sales of structured products. Respondent already has paid hundreds of thousands of dollars to settle customer complaints.
Morgan Stanley Was Obligated to Supervise the Broker
Brokerage firms are obligated to supervise their brokers. If they fail to do so and a broker’s misconduct causes you financial harm, you may have a claim against the brokerage firm to recover your investment losses. If you or someone you know lost money with Morgan Stanley as a result of Morgan Stanley broker Kevin C. Yang’s misconduct, contact an experienced investment fraud attorney at Dimond Kaplan & Rothstein, P.A. today.
Speak with an Investment Fraud Attorney
Our AV-rated* lawyers have extensive experience litigating a broad range of investment disputes, including those involving elder fraud. We will aggressively pursue claims against culpable brokerage firms to recover your investment losses.
If you are looking for an investment fraud attorney to review your rights, the investment fraud lawyers at Dimond Kaplan & Rothstein, P.A. represent individual and institutional investors who have lost money as a result of investment fraud or stockbroker misconduct. We’ve recovered more than $100 million in assets lost to investment fraud and stockbroker misconduct.