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Morgan Stanley’s Sean Righter Lands $1.5 Million Complaint
Irvine, California financial advisor Sean Righter (CRD# 5419832) recently received an investor complaint alleging his conduct resulted in seven-figure damages. Financial Industry Regulatory Authority records show that he is a broker and an investment advisor with Morgan Stanley.
Mr. Righter’s BrokerCheck report discloses one investor complaint. Filed in February 2023, it alleges that as a representative of Morgan Stanley, he did not manage the customers’ accounts in their best interests. The pending complaint, which concerns conduct between 2018 and 2022, alleges damages of $1.5 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. Righter 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.
According to the Financial Industry Regulatory Authority, Sean Righter holds 15 years of securities industry experience. Based in Irvine, California, he has been a broker and an investment advisor with Morgan Stanley since 2009. He was previously registered with Citigroup Global Markets in Laguna Niguel, California from 2007 until 2009. 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 27 state licenses. (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.