Meyer Wilson is investigating allegations that former Morgan Stanley broker Randall Hayes sold customers unsuitable inverse and leveraged ETFs (exchange traded funds).
According to allegations made by the Washington Securities Division, while serving as an investment adviser representative and securities salesperson for Morgan Stanley Smith Barney, Hayes invested in inverse and leveraged ETFs in numerous client accounts. Despite his fiduciary duty to act in the best interests of his customers, he made investments that are generally not suitable for retail customers if held for more than one trading session. Hayes invested about $100,000 from one customer's account and held the investments for months and years, allegedly resulting in more than $63,000 in losses.
This isn't the first time clients have filed complaints against him for allegedly making unsuitable investments. According to his Broker Check report, Hayes has three settled disputes from 2013 and 2015, all involving unsuitability.
Though he is not currently registered, Hayes worked in the securities industry for 23 years and was employed by Morgan Stanley from 2009 to 2016, when he resigned.
Did You Suffer Financial Losses While Investing With Randall Hayes?
Making unsuitable investment recommendations is serious business, often resulting in clients losing substantial sums of money.
If you lost money because of unsuitable investments made by Randall Hayes or another broker, Meyer Wilson would like to hear from you. Give our office a call at (800) 738-1960 to see if we can help you recover your losses.