Morgan Stanley Advisor John Rochester has made a disclosure of an arbitration claim filed by a customer who seeks $600K in damages. This is based on information available in the public domain. Haselkorn & Thibaut has opend an investigation of Mr. Rochester.
The Financial Industry Regulatory Authority (FINRA), the body that licenses brokerage firms and stockbrokers, also requires them to report cases of regulatory sanctions, disputes, and customer complaints on their BrokerCheck profile. Certain personal financial matters, such as judgments, liens, and personal bankruptcies, are also required to be disclosed by brokers.
Do you have information on Mr. Rochester or are you a victim of investment fraud? Contact Haselkorn & Thibaut, P.A. at 1-800-856-3352.
What is unauthorized trading?
Unauthorized transactions or unauthorized trading are when a broker sells or buys securities without authorization from the investor-client. Unauthorized trading is prohibited by the Financial Industry Regulatory Authority (FINRA). FINRA Rule 2010 establishes the standards for commercial honor and trade principles. The broker must discuss any trades with an investor prior to executing them unless the investor has granted the broker discretion.
FINRA Rules 2510(b), 2020 specifically prohibit brokers from placing discretionary trades in customers’ non-discretionary accounts. Unauthorized trading is also a violation of just and equitable principles and trade. It also violates Rule 10b and 10b-5 because it is fraudulent. One court stated that no omission could have been more significant than failing to notify the investor about his sales and purchases. It is important to remember that laws regarding unauthorized trading can vary from one state to the next.
John Rochester’s profile
June 2009 – Rochester begins working for Morgan Stanley
January 2021 – Allegations of misrepresentation while selling a variable annuity made against Rochester by a customer of Morgan Stanley. The customer paid over $60K to settle the case.
October 2021 – FINRA case 21-2264 filed by a customer of Morgan Stanley alleging unauthorized trades in her account made by Rochester. She has sought $600K in damages.
FINRA makes available an arbitration process to help investors file claims for damages on account of losses arising out of broker or broker-dealer misconduct. If you have had to deal with John A. Rochester and believe you may have been an inadvertent victim, we encourage you to seek professional guidance.
Haselkorn & Thibaut, which has offices in New York, Texas, Florida, Arizona and North Carolina work with investors nationwide to enable them to recover losses incurred in this manner, through FINRA arbitration.
Most of our work is done on a contingent basis; if you don’t get money back, you don’t pay our legal fees. Reach out to one of our experienced securities attorneys for a confidential discussion.
You can reach us at 1-800-856-3352.