Matt Gimmelli: $1mm Complaint Against Morgan Stanley Advisor

Scottsdale, Arizona financial advisor Matt Gimmelli (CRD# 2740441) recently received an investor complaint alleging that his advice resulted in seven-figure damages. Financial Industry Regulatory Authority records show that he is registered as a broker and an investment advisor with Morgan Stanley.

Mr. Gimmelli’s BrokerCheck report discloses one investor complaint. Filed in March 2026, it alleges that as a representative of Morgan Stanley, he violated Regulation Best Interest and misrepresented fees and costs associated with the customer’s accounts. The pending complaint alleges damages of $1.035 million.

Investors should be aware that Rule 15l-1(a)(1) of the Securities and Exchange Act of 1934, also known as Regulation Best Interest, requires advisors like Mr. Gimmelli to recommend only investments and strategies that are in their clients’ best interests. The rule states specifically that firms and 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.” This rule is similar to FINRA’s suitability rule, which requires brokers to recommend investments that are in line with their customers’ background and objectives. They must conduct reasonable diligence to determine whether the investment is suitable for some investors, whether it is suitable for the specific investor, and, in cases where the advisor exercises discretion over trading in a customer’s account, they must conduct reasonable diligence to determine that a series of transactions is not unsuitable or excessive.

According to the Financial Industry Regulatory Authority, Matt Gimmelli holds 29 years of securities industry experience. Based in Scottsdale, Arizona, he has been registered as a broker and an investment advisor with Morgan Stanley since 2016. His past registrations include UBS Financial Services, Citigroup Global Markets, Vanguard Marketing Corporation, and Fortis Investors. His credentials include the passage of six securities industry qualifying exams: the Securities Industry Essentials Examination, or SIE; the Uniform Investment Adviser Law Examination, or Series 65; the Uniform Securities Agent State Law Examination, or Series 63; the General Securities Representative Examination, or Series 7; the Investment Company Products/Variable Contracts Representative Examination, or Series 6; and the Futures Managed Funds Examination, or Series 31. He holds 40 state licenses. (Information current as of June 14, 2026.)

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