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Josh Westerman: Investor Complaint Against Morgan Stanley Advisor

Fort Lauderdale financial advisor Josh Westerman (CRD# 6838471) has received an investor complaint alleging his investment advice resulted in losses. Financial Industry Regulatory Authority records show that he is a broker and investment advisor with Morgan Stanley. 

Mr. Westerman’s BrokerCheck report discloses one investor complaint against him. Filed in May 2022, the complaint alleges that as a representative of Morgan Stanley, he recommended unsuitable structured products in 2021. The pending complaint alleges unspecified damages.

FINRA Rule 2111 stipulates that brokers may recommend only investments and investment strategies that are suitable for their customers individual background and needs. To ascertain whether a product or strategy is suitable, they must perform reasonable diligence into the client’s investment profile, which includes the client’s age, income, risk tolerance, net worth, investment objectives and experience, and other factors. They must determine whether the investment is suitable for some investors; whether it is suitable for the individual investor they’re dealing with; and, in cases where they exercise discretion over  a customer’s account, whether a series of transactions is not unsuitable or excessive. Brokers who make unsuitable recommendations may be liable to their clients in the event of losses. 

According to the Financial Industry Regulatory Authority, Josh Westerman holds four years of securities industry experience. Based in Fort Lauderdale, Florida, he has been a broker and investment advisor with Morgan Stanley since 2017 and 2018, respectively. He has no previous registrations. His credentials include the passage of three securities industry qualifying examinations: 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 holds 36 state licenses. He is registered with four self-regulatory organizations, or SROs: FINRA, NYSE American, the Nasdaq Stock Market, and the New York Stock Exchange. (Information current as of July 13, 2022.)

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.

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