Theodore Byrer, a broker previously associated with Morgan Stanley in the Indianapolis area, was terminated by the firm for allegations of unauthorized trading, has been the subject of two customer disputes. Meyer Wilson recently filed a complaint on behalf of an investor who was a customer of Mr. Byrer and lost significant money due to risky options trading. As the investigation continues, Meyer Wilson is interested in learning about your experience with Mr. Byrer.
The Circumstances Leading to Byrer’s Termination from Morgan Stanley
Theodore Byrer’s dismissal from Morgan Stanley on March 23, 2023, was predicated on serious accusations. It was alleged that he executed trades for clients without obtaining the necessary verbal confirmation and participated in off-platform written communications concerning firm business. These actions are not only against firm policies but also raise concerns about the adherence to industry regulations.
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Industry Standards and Broker Misconduct
Brokers must obtain written permission from their clients before executing discretionary trades. And, an account must be formally approved as discretionary by the firm to permit such activities. This rule is in place to protect investors.
FINRA Rule 2010 highlights the importance of high standards of commercial honor and just and fair principles of trade within the industry. These guidelines are important to maintaining investor confidence and ensuring fair practices.
Financial Challenges Faced by Byrer – A Warning Sign?
On the financial front, Theodore Byrer has faced personal challenges of his own, having filed for bankruptcy on March 15, 2022, with a previous bankruptcy dismissal occurring on June 12, 2018. This could have been a warning sign to Morgan Stanley supervisors to more diligently watch Mr. Byrer’s trading activity for signs that he may be acting in his own interest, rather than in his clients’ interests.
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Meyer Wilson: Your Advocate in Investment Disputes
If you have worked with Theodore Byrer or have any concerns regarding your investments, Meyer Wilson is here to offer our support and guidance. Our extensive experience in representing investors in Indiana and our dedication to recovering investment losses make us a strong ally in your corner.
We invite you to reach out to us at 866-938-2021 or visit our website at investorclaims.com for a free consultation. We are committed to our clients and operate on a contingency basis, which means we only earn a fee if we successfully recover funds on your behalf.
At Meyer Wilson, we understand the complexities of investment disputes and the importance of having a trusted legal partner. Let us help you navigate these challenges and work towards a resolution that serves your best interests.
Written by: Courtney M. Werning, Esq.
Recovering Losses Caused by Investment Misconduct.
