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Tim Bassett: Closed-End Fund Complaint Against Chicago Advisor
Morgan Stanley representative Timothy Bassett allegedly recommended an unsuitable investment, according to a pending investor complaint against him. Financial Industry Regulatory Authority records show that the broker and financial advisor is based in Birmingham, Michigan and Chicago, Illinois.
Mr. Bassett’s BrokerCheck report discloses one pending investor complaint. Filed in January 2022, it alleges that as a representative of LPL Financial, he made an unsuitable recommendation that the customer in question “invest in and hold a closed-end fund and a business development company.” An unsuitable investment, for reference, is one that does not meet a customer’s investment objectives and risk tolerance, among other factors. The pending complaint alleges damages of $160,000.
According to the Financial Industry Regulatory Authority, Tim Bassett holds 14 years of securities industry experience. Based in Birmingham, Michigan, he has been a representative of Morgan Stanley since 2021. He is also registered with the firm’s offices in Grosse Point Farms, Grand Rapids, Rochester, Troy, Farmington hills, and Bloomfield Hills, Michigan, as well as in Chicago, Illinois. His past registrations include LPL Financial (Troy, Michigan; 2012-2015), Morgan Stanley Smith Barney (Chicago, Illinois; 2009-2011), and Morgan Stanley & Co. Incorporation (Chicago, Illinois; 2007-2009).. His credentials include the passage of five securities industry qualifying exams: the Uniform Combined State Law Examination, or Series 66; the Securities Industry Essentials Examination, or SIE; the Futures Managed Funds Examination, or Series 31; the General Securities Representative Examination, or Series 7; and the General Securities Sales Supervisor – Options Module Examination, or Series 9. He holds 56 state licenses as a broker and/or an investment adviser. (Information current as of May 19, 2022.)
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