FINRA Removes Client Complaint Stating Morgan Stanley Broker Failed to Inform Client of Puerto Rican Bond Risks
A Financial Industry Regulatory Authority (FINRA) arbitration panel this week approved the removal of a complaint against an ex-Morgan Stanley broker regarding Puerto Rican bond investments. The three person panel stated that the advisor, Dennis Coral, kept the client adequately informed of the risks of the client’s investments in the bonds during their seven year relationship. The FINRA panel decided that Coral promptly mailed purchase and sales transaction confirmations as well as monthly account statements for all of the client’s three accounts to her and met with her once a month at her house to discuss the accounts. Coral also stated that he discussed all of her Puerto Rico bond purchases and sales with her as part of the monthly meetings, including the downgrades the bonds suffered in January 2014, which is when the sales occurred. In June of that year, the client filed a complaint with Morgan Stanley stating that Coral sold her Puerto Rico bonds without her authorization in January, causing her to suffer losses. The FINRA panel disagreed with her.
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