According to records maintained by the Financial Industry Regulatory Authority (FINRA), Denver, Colorado and Pleasant Grove, Utah broker and investment...Read More
David Wachsman: Morgan Stanley Broker Has $1.6MM Complaint
A pending customer complaint against Garden City, New York and Boca Raton, Florida broker and investment adviser David Wachsman (CRD# 2220024) alleges his conduct led to damages of more than $1 million. Financial Industry Regulatory Authority (FINRA) records show that Wachsman is currently a registered representative of Morgan Stanley.
The complaint, filed in January 2021, alleges that as a representative of Morgan Stanley, David Wachsman recommended an unsuitable over-concentration of options and common stock investments in the account from 2010 to 2020. The pending complaint alleges damages of $1.6 million.
David Wachsman’s member firm has received 97 investor complaints that concluded in awards to the investor, according to Morgan Stanley’s BrokerCheck report. A 2015 complaint alleging unspecified misconduct, for instance, resulted in an award to the investor of $3,586,989.01. Another complaint filed in 2015 alleged the firm breached its fiduciary duty, churned investments, committed fraud, engaged in manipulation, misrepresented and omitted facts, made unsuitable recommendations, executed unauthorized trades, failed in its supervisory duties, and acted negligently. In 2016 the complaint concluded in an award to the investor of $8,606,599.
According to the Financial Industry Regulatory Authority (FINRA), David Wachsman holds 29 years of experience in the securities industry and has been registered with Morgan Stanley in Garden City and Boca Raton as a broker since 2009 and as an investment adviser since 2015. Before that, he was registered as a broker with Citigroup Global Markets in Jericho, New York and Lehman Brothers in New York, New York. He has passed four securities industry examinations: the Securities Industry Essentials Examination, or SIE; the Uniform Securities Agent State Law Examination, or Series 63; the Uniform Investment Adviser Law Examination, or Series 65; Futures Managed Funds Examination, or Series 31; and the General Securities Representative Examination, or Series 7. He currently holds 24 state securities licenses. (Information current as of June 10, 2021.)