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Jimmy Monken: $1 Million Complaint Against Morgan Stanley Advisor
Clayton, Missouri financial advisor Jimmy Monken (CRD# 5765921) is involved in an investor complaint alleging damages of more than $1 million. Records maintained by the Financial Industry Regulatory Authority indicate that he is a broker and an investment advisor with Morgan Stanley.
Mr. Monken’s BrokerCheck report discloses one investor complaint. Filed in January 2023, the complaint alleges that while he was at Morgan Stanley, he did not manage the customers’ accounts in their best interests. The pending complaint alleges damages of $1,026,897.
For reference, Rule 15l-1(a)(1) of the Securities and Exchange Act of 1934 states that advisors like Mr. Monkey must recommend only investments and strategies that are in their clients’ best interests. Also known as Regulation Best Interest, the Rule stipulates further that broker-dealer firms, as well as their representatives, must “act in the best interest of the retail customer at the time the recommendation is made, without placing the financial or other interest of the broker, dealer, or natural person who is an associated person of a broker or dealer making the recommendation ahead of the interest of the retail customer.” Representatives who fail to act in customers’ best interests may be held liable for damages in the event of losses.
According to the Financial Industry Regulatory Authority, Jimmy Monken holds 12 years of securities industry experience. Based in Clayton, Missouri, he has been a broker and an investment advisor with Morgan Stanley since 2012. He was previously registered with Morgan Stanley & Company in Town and Country, Missouri, from 2010 until 2012. 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 is licensed in California, Colorado, Delaware, Florida, Georgia, Illinois, Indiana, Kansas, Michigan, Missouri, New York, Ohio, South Carolina, Tennessee, Texas, and Washington. (Information current as of February 23, 2023.)
Carlson Law represents investors throughout the United States in claims against financial advisors and investment firms. If you or a loved one have suffered investment losses, please call us at 888-976-6111 or complete our contact form for a free and confidential consultation.