Thomas Kueht was suspended for 15 days and fined $5,000 for allegedly engaging in unauthorized trading in a number of his clients’ accounts while with Morgan Stanley. You can see the entire decision here.
The allegations state that from October 2008 through February 2012 Kueht was effecting discretionary trades within his clients accounts without their permission. Unless specifcially authorized by a discretionary account, a broker must obtain authorization for each and every trade within their clients’ accounts. Failure to do so is a violation of FINRA Rule 2010 which states,
A member, in the conduct of its business, shall observe high standards of commercial honor and just and equitable principles of trade.
If you were a client of Kueht and suffered losses as a result of unauthorized trading, you should contact us at 414-271-3400 or e-mail Attorney Sean M. Sweeney at sms@hallingcayo.com to see your options for potentially recovering those losses from Kueht and/or Morgan Stanley.
Sean M. Sweeney is a shareholder at Halling and Cayo, a full service law firm in Milwaukee, WI and the head of its Securities Litigation team.
He represents individual and institutional investors in FINRA arbitration and court nationwide. He recovers investment losses from fraud or breach of duty from their broker-dealer.
Contact him at (414) 755-5020 or via e-mail at SMS@hallingcayo.com to see if he can help recover your funds.