Ben Duckett: Graystone Advisor Receives Options Complaint

A recent investor complaint against Carlsbad, California financial advisor Ben Duckett (CRD# 6143741) alleges that his conduct resulted in damages. Financial Industry Regulatory Authority records show that he is registered as a broker and an investment advisor with Morgan Stanley, whose website shows that he is a member of Graystone Consulting, a practice within the firm.

Mr. Duckett’s BrokerCheck report discloses two investor complaints. The most recent, filed in March 2026, alleges that as a representative of Morgan Stanley, he misrepresented material facts relating to a covered call options strategy, leading to the loss of some shares that were called. The pending complaint alleges unspecified damages.

A second investor complaint, filed in 2021, alleged that as a Morgan Stanley representative, he idd not fully explain the risks of a call strategy. The complaint alleged unspecified damages and was denied by the firm.

For reference, FINRA rules and standards forbid brokers from providing misleading information regarding investments, an act generally referred to as “misrepresentation.” One of the most pertinent rules regarding misrepresentation is FINRA Rule 2020, which stipulates that no representative of a FINRA member firm may “effect any transaction in, or induce the purchase or sale of, any security by means of any manipulative, deceptive or other fraudulent device or contrivance.” Brokers who misrepresent material facts regarding investments may lead their clients to purchase products that are unsuitable for them, in violation of FINRA Rule 2111. That rule stipulates that brokers may only recommend investments and strategies that are appropriate for a client’s background and objectives, based on reasonable diligence into the investor’s profile. Representatives who misrepresent and/or recommend unsuitable investments may be held liable for damages in the event of losses; they may even be subject to disciplinary action by FINRA, the Securities and Exchange Commission, or state securities authorities.

According to the Financial Industry Regulatory Authority, Ben Duckett holds 13 years of securities industry experience. Based in Carlsbad, California, he has been registered as a broker and an investment advisor with Morgan Stanley since 2013. His credentials include the passage of four securities industry qualifying exams: the Securities Industry Essentials Examination, or SIE; the Uniform Combined State Law Examination, or Series 66; the General Securities Representative Examination, or Series 7; and the National Commodity Futures Examination, or Series 3. He holds 45 state licenses. (Information current as of May 23, 2026.)

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