David Liguori: Complaint Against Ex-UBS Advisor Settles for $189K

Pittsburgh financial advisor David Liguori (CRD# 5521609) allegedly engaged in unauthorized trading, according to a recent investor complaint that reached settlement. Records maintained by the Financial Industry Regulatory Authority indicate that he is a broker and an investment advisor with Morgan Stanley, having previously been registered with UBS Financial Services.

Mr. Liguori’s BrokerCheck report discloses one investor complaint. Filed in October 2022, it alleged that as a representative of UBS Financial Services, he executed unauthorized trades involving unspecified “miscellaneous” products. In December 2022 the complaint reached a settlement of $189,044.56.

Investors should be aware that, with certain exceptions, FINRA rules prohibit brokers like Mr. Liguori from engaging in securities transactions without their customer’s authorization. FINRA Rule 2010, for instance, states that registered representatives of FINRA member firms must “observe high standards of commercial honor and just and equitable principles of trade.” Unauthorized trading is one form of conduct that may be considered a violation of this rule. In some cases, brokers may be permitted to exercise discretionary trading authority in customer accounts; however, FINRA Rule 2510 stipulates that “no member or registered representative shall exercise discretion in a customer’s account” without the customer’s prior written authorization, as well as their firm’s approval of the account for such trading. Representatives who engage in unauthorized trading may be held liable in the event of losses.

According to the Financial Industry Regulatory Authority, David Liguori holds 14 years of securities industry experience. Based in Pittsburgh, Pennsylvania, he has been a broker and an investment advisor with Morgan Stanley since October 2022. He was previously registered with UBS Financial Services in Canonsburg, Pennsylvania from 2008 until 2022. His credentials include the passage of three securities industry qualifying exams: the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; and the Uniform Combined State Law Examination, or Series 66. He currently holds 42 state licenses. (Information current as of February 23, 2023.)

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