Bernard Sandler, a broker and investment adviser currently employed by Morgan Stanley, has a troubling history of customer disputes. This includes several large settlements, raising concerns about his investment practices. Our attorneys at Meyer Wilson have also fielded complaints from concerned investors regarding his investment recommendations. These disclosures and complaints suggest that more of his clients could have been negatively impacted. In this blog, we will explore Bernard Sandler’s professional history, his previous disputes, Morgan Stanley’s record, and what you can do if you believe you have been harmed by his actions.
If you suspect that you have been a victim of broker misconduct through Bernard Sandler or another broker, don’t hesitate to reach out to Meyer Wilson. We offer free consultations and will help to guide you through your next steps.
Who Is Bernard Sandler?
Bernard Sandler (CRD#: 1380369) is a registered broker and investment adviser with Morgan Stanley (CRD#: 149777), and based in Miami, Florida. With over 30 years of experience in the financial industry, Sandler has worked for several firms in his tenure. However, his record is marred by multiple customer disputes, including substantial settlements.
Disclosures on Bernard Sandler’s Record
Many of Sandler’s disputes appear to be from long ago, but recent calls received by Meyer Wilson suggest that his clients may have recently suffered investment losses as a result of inappropriate recommendations.
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June 2012: Customer Dispute Denied Customers alleged that Sandler misrepresented their investments, resulting in significant losses. The damage amount requested was $630,000.
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May 2012: Customer Dispute Settled for $70,000 The claim involved allegations of unsuitable investment strategies. The damage amount requested was $2 million.
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July 2009: Customer Dispute Settled for $40,000 The clients alleged misrepresentation and unsuitable investments. The damage amount requested was $150,000.
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December 2000: Customer Dispute Denied The dispute centered on alleged unauthorized trading and a failure to follow instructions. The damage amount requested was $25,000.
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October 1994: Customer Dispute Settled for $15,968 A customer alleged excessive trading. The damage amount requested was $30,000.
Additional Patterns of Concern
Repeated allegations of unsuitable recommendations, excessive trading, and unauthorized transactions suggest a pattern of behavior that could result in substantial financial harm to his clients.
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Morgan Stanley’s History of Customer Complaints
Morgan Stanley is one of the largest investment firms in the world. However, the firm has faced numerous allegations of misconduct, ranging from failure to supervise brokers to conflicts of interest. These cases highlight systemic issues within the company that may enable brokers like Bernard Sandler to engage in questionable practices. Here are some notable examples:
Disclosures on Morgan Stanley’s Record
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$15 Million SEC Penalty for Oversight The SEC fined Morgan Stanley for failing to properly oversee several of its brokers. This allowed misappropriation and other forms of misconduct to slip through the cracks.
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FINRA Fine of $2 Million Morgan Stanley was ordered to pay $2 million for multiple reporting and rule violations regarding short interest reporting and short sales.
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$3.3 Million FINRA Arbitration Award FINRA denied an appeal made by Morgan Stanley for a $3.3 million arbitration award given to investors in Puerto Rican bonds.
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$2.4 Million FINRA Arbitration Award FINRA awarded investors $2.4 million from Morgan Stanley as a result of one of their investors mishandling of investments.
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$1.3 Million FINRA Fines for Excessive Markups and Markdowns The firm was fined more than $1.3 million violations related to certain bond transactions.
Common Issues with Morgan Stanley Brokers
Morgan Stanley’s systemic issues often manifest in:
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Failure to Supervise Brokers: Cases where brokers engage in unauthorized trading or unsuitable recommendations often point to supervisory lapses.
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Conflicts of Interest: Allegations of prioritizing firm profits over client needs.
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Overcharging Fees: Repeated instances of excessive fees harming investor returns.
Why Supervisory Failures Matter
When firms like Morgan Stanley fail to adequately supervise brokers, it creates opportunities for misconduct. Investors rely on firms to have systems in place to detect and prevent questionable practices.
Regulators and arbitration panels often hold firms liable for supervisory failures. Investors who suffer losses due to broker misconduct may have grounds to pursue claims against both the broker and the firm.
Final Thoughts
Bernard Sandler’s record of customer disputes and Morgan Stanley’s history of supervisory failures raise concerns about the potential for investor harm related to Sandler. If you or someone you know has experienced financial losses due to Sandler’s investment advice, it is critical to seek legal assistance. Meyer Wilson is well-versed in representing investors harmed by broker misconduct and has a proven track record of recovering losses for clients.
At Meyer Wilson, we are committed to holding brokers and firms accountable for the financial harm they cause. Contact us today for a free consultation to discuss your case and explore your options for recovery.
FAQs
What should I do if I believe I suffered investment losses as a result of Bernard Sandler’s investment recommendations?
You should contact an experienced securities fraud attorney to evaluate your case. Meyer Wilson offers free consultations and can guide you through the arbitration or litigation process.
What types of claims can I file against a broker or firm?
Common claims include unsuitable investment recommendations, unauthorized trading, excessive fees, and failure to disclose conflicts of interest.
Can Morgan Stanley be held responsible for my losses?
Yes, if Morgan Stanley failed to supervise Bernard Sandler or allowed misconduct to occur, the firm could be held liable.
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