Skip to Content
415-441-8669 | TOLL FREE: 888-50EVANS

PHONE: 415-441-8669 | TOLL FREE: 888-50EVANS

Aug 7, 2015 by |

FINRA Arbitration Panel Orders Morgan Stanley to Pay $2.4 Million to Former Clients


A Financial Industry Regulatory Authority (FINRA) arbitration panel recently ordered Morgan Stanley to pay $2.4 million to a group of physicians and their family members. The physicians had accused former Morgan Stanley broker Steven Mark Wyatt of unauthorized and excessive stock-market trading.

According to the lawyer for the physicians who brought the case, Wyatt purchased thinly-traded stocks for his clients that he also owned, and made speculative bets on exchange-traded funds and other securities. Four similar cases against Wyatt have also been settled, and he has been found liable in two additional cases, with two others still pending.

The physicians’ lawyer alleges that Morgan Stanley failed to recognize warning signs, including unauthorized trading. Morgan Stanley discharged Wyatt in 2012. A branch manager and adviser also named in the case still work there.

The Financial Industry Regulatory Authority is the largest independent regulator for all securities firms doing business in the United States, and aims to protect investors by making sure the United States securities industry operates fairly and honestly. FINRA operates the largest arbitration forum in the United States.

Evans Law Firm, Inc. handles securities fraud and investment fraud cases, including SEC and IRS fraud and FINRA arbitration. If you have a securities or investment fraud claim, please contact Evans Law Firm, Inc. at 415-441-8669 or via email at

Law Dragons 500 badge Million Dollar Advocates Forum SuperLawyers Badge Best Lawyers Badge Avvo

Our Passion For Justice

415-441-8669 888-50EVANS

Hear What Our Clients Have To Say

"The Evans Law Firm has great attorneys that are relentless, with exemplary performance and energy devoted to my case. My case would not have resolved without Ms. Evans - a tireless attorney that will not give up or stop until the case is resolved successfully."
Posted By: John Evans

Read More Reviews