Morgan Stanley Potential $5 Million Claim from NBA Star

Miller Stern Lawyers – 410-Law-Firm is currently investigating for clients of  Darryl M. Cohen CRD:2786613 and any individual who may be victims of, and suffered damages and losses, due to stock market and financial abuses such fraud, mutual fund abuses, unsuitable mutual fund investments and failure to supervise, breach of fiduciary duty, overcharging , and unauthorized trading

According to Advisor Hub and other sources, Professional basketball player Chandler Parsons has allegedly brought a claim for approximately $5 million in damages against Morgan Stanley Wealth Management, according to regulatory records.

According to the public records, Parsons, a former Atlanta Hawks player, filed the claim in arbitration with the Financial Industry Regulatory Authority in January of this year, according to a copy of the Central Registration Depository record for his broker, Darryl M. Cohen CRD:2786613.Claimants

The complaint alleges, inter alia, that payments were made without prior approval from their accounts and that they were encouraged to use a Liquidity Access Line for real estate and life insurance policies for which they now claim they hold no interest. 2017-2019.

Cohen was not named as a respondent in the complaint, but it must still be listed on his record because he is the customer’s broker under Finra rules, according to a person familiar with the case.

A spokeswoman for Morgan Stanley declined to comment.

Cohen, who earned Morgan Stanley’s top corporate title of managing director in 2019, is part of the firm’s Global Sports and Entertainment Group, according to their team web page and Facebook page. The segment includes around 95 advisors who draw a significant portion of their revenue from athletes and entertainers with large but sometimes short-lived income streams, according to Advisor Hub.

Cohen was involved in other complaints and awards according to a separate listing on his CRD report. He was similarly not named as a respondent in the complaint, which was made against Morgan Stanley.

Cohen, who started his career at Merrill Lynch in 1997, has four other complaints listed on his BrokerCheck record that arose between 2001 and 2011. Two in 2009 and 2011 closed with no action or were denied. One for unsuitable trading in 2001 settled for $81,851 of the $96,000 requested. Another in 2010 for claims that there was an “unauthorized journal transfer” from his account to another customer of the broker settled for $16,500, beyond the $10,000 in damages sought, according to Advisor Hub and FINRA

Miller Stern Lawyers, LLC, a Baltimore Securities Law firm, currently represents investors for claims of investment losses from unauthorized trading, over concentration, irregular options trading, margin and unsuitability claims, broker fraud, securities fraud, securities litigation and other broker and broker/dealers for investment losses and fraud.  If you or anyone you know have experienced investment losses from the actions above or other situations, please call 410-LAW-FIRM ( 410-529-3476 ) or fill out the contact us form for a no cost consultation and evaluation of your claim



Posted in:

Comments are closed.

Contact Information