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Morgan Stanley Advisor Lawrence Catena: Mutual Fund Complaint
Naples, Florida financial advisor Lawrence Catena (CRD# 2037155) allegedly provided investment advice that resulted in losses, according to recent investor complaints. Financial Industry Regulatory Authority records show that he is a broker and an investment advisor with Morgan Stanley.
Mr. Catena’s BrokerCheck report discloses two investor complaints. Both filed in 2022, the complaints allege that as a Morgan Stanley representative, he recommended unsuitable structured products and mutual funds. The pending complaints allege unspecified damages.
FINRA’s suitability standard holds that stockbrokers must “have a reasonable basis to believe” that the investment products they recommend to their clients are suitable. FINRA Rule 2111 specifically outlines the responsibility of brokers to base their decisions about an investment’s suitability “on the information obtained through reasonable diligence of the firm or associated person to ascertain the customer’s investment profile.” This profile includes the customer’s age, net worth, risk tolerance, liquidity needs, tax status, and other factors. “A broker’s ‘recommendation,’ which is based on the facts and circumstances of a particular case, is the triggering event for application of the rule,” the rule states. Brokers who fail to recommend unsuitable investments, or who misrepresent or omit material information regarding an investment, may be liable for damages.
According to the Financial Industry Regulatory Authority, Lawrence Catena holds 32 years of securities industry experience. Based in Naples, Florida, he has been a broker and an investment advisor with Morgan Stanley since 2020. His past registrations include Merrill Lynch (Naples, Florida; 1990-2020) and McLaughlin Piven Vogel Securities (New York, New York; 1990). His credentials include the passage of four securities industry qualifying exams: the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; the Uniform Securities Agent State Law Examination, or Series 63; and the Uniform Investment Adviser Law Examination, or Series 65. He holds 34 state licenses. (Information current as of October 16, 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.