Morgan Stanley Advisor Scott Schlett Faces $400K Complaint

Scott Schlett (CRD# 2111952), a financial advisor based in Paramus, New Jersey, recently received an investor complaint alleging his conduct resulted in six-figure damages. Records maintained by the Financial Industry Regulatory Authority show that he is a broker and an investment advisor with Morgan Stanley.

Mr. Schlett’s BrokerCheck report discloses three investor complaints. The most recent, filed in December 2022, alleges that as a representative of Morgan Stanley, he did not manage the account in the customer’s best interests between 2019 and 2020. The pending complaint alleges damages of $400,000.

A second investor complaint, filed in 2018, alleged that as a representative of Morgan Stanley, he made unsuitable trades in the customer’s account between November and December 2018. In 2019 the complaint reached a settlement of $1,617.73.

A third investor complaint, filed in 2008, alleged that an auction rate securities investment was unsuitable for the customer’s objectives. The complaint settled with the firm’s repurchase of the securities at par value, for $400,000.

According to the Financial Industry Regulatory Authority, Scott Schlett holds 32 years of securities industry experience. Based in Paramus, New Jersey, he has been a broker and an investment advisor since 2009. His registration history includes Morgan Stanley & Company (Paramus, New Jersey; 2007-2009), Morgan Stanley DW (Paramus, New Jersey; 2005-2007), Wachovia Securities (Paramus, New Jersey; 1999-2005), First Union Capital Markets (Charlotte, North Carolina; 1995-1999), and Ryan Beck & Company (Florham, New Jersey; 1991-1995). His credentials include the passage of five securities industry qualifying exams: the General Securities Representative Examination, or Series 7; the Futures Managed Funds Examination, or Series 31; 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 36 state licenses. (Information current as of March 20, 2023.)

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