Former Morgan Stanley Representative Timothy Thomas Gibbons was recently suspended from acting as a broker in the securities industry for 18 months after FINRA found that he made unsuitable investment recommendations that cost five elderly clients nearly one million dollars. In addition to a FINRA fine, Gibbons has been ordered to pay over $717,000 in restitution to the elderly clients he wronged.
According to Timothy Gibbons FINRA BrokerCheck report, he allegedly made unsuitable recommendations to five elderly clients between the ages of 72 and 90, recommending that they invest between 65% and 79% of their account values, overconcentrating their positions in one high-risk energy stock. Because of the age of his clients and their investment objectives, risk tolerances and financial situations, Gibbons' recommendations were deemed unsuitable for the clients.
Have You Lost Money Due to Unsuitable Investment Recommendations?
Brokerage firms like Morgan Stanley are obligated to ensure that their financial advisors act in the best interests of their clients. When a broker recommends investments that are inappropriate for a client's investment objectives, risk tolerance or overall situation and that client loses money, the brokerage firm may be held liable for damages.
Meyer Wilson is currently investigating the wrongful acts of Timothy Gibbons and other brokers like him who have caused financial harm to trusting investors. If you invested money with Gibbons and you suspect that unsuitable recommendations could be responsible for your financial losses, our investment loss attorneys want to speak with you.
