Morgan Stanley Broker Terminated For Alleged Outside Business Activities

Michael Schuchman (CRD :# 4437315), who was registered as a general securities representative of Morgan Stanley between June 1, 2009 and June 14, 2018, has voluntarily resigned based on allegations made by Morgan Stanley concerning Schuchman’s possible engagement in outside business activities without notifying the firm as required by the firm’s policies.

FINRA BrokerCheck disclosed that several of Schuchman’s past customers have filed disputes regarding his sales practices. Most recently, Schuchman has been referenced in a pending consumer-initiated, investment-related arbitration from July 2, 2018 in which the customers alleged that Schuchman excessively traded in their accounts between May 2014 and July 2017, during which time Schuchman was employed by Morgan Stanley Smith Barney. (Case #: 18-02223). The complaint is pending.

Another consumer arbitration regarding Schuchman’s conduct had been filed on August 3, 2017. The arbitration concerned a Morgan Stanley customer who alleged that structured products, exchange-traded funds and equities transactions effected in the customer’s account between 2011 and 2017 were not suitable for the customer. That complaint is pending.

In addition, on December 15, 2014, a consumer brought a complaint alleging that that commissions on options and equity investments had been misrepresented to the customer. The customer’s complaint was resolved on May 11, 2015.

If you have suffered losses due to the sales practice violations of Schuchman or another Morgan Stanley broker or financial adviser, call the Law Office of Peter M. Spett at (561) 463-2799 for a free consultation concerning your legal rights and claims. Peter M. Spett has extensive experience recovering investor losses.