NYC Broker Michael Paesano Dismissed
According to reports, Morgan Stanley Wealth Management dismissed Michael F. Paesano, a high-producing New York City team leader after his client trading activities were reportedly being investigated internally.
Paesano was purportedly discharged in December over alleged “concerns” regarding his “exercise of discretion and investment strategy,” according to a U5 termination form filed with regulators on Friday.
According to Paesano’s BrokerCheck record, Paesano has 15 customer complaints and one tax lien since 2008.
Paesano was allegedly the group’s senior portfolio manager and a member of the firm’s top-tier “Chairman’s Club” in 2012, after making the move from UBS.
Paesano’s team was also allegedly generating $6.4 million in annual fees and commissions when they joined Morgan Stanley in May 2011 from UBS Wealth Management, according to numerous reports. At UBS, the team included 17 brokers who oversaw some $1.3 billion of client assets, according to Morgan Stanley’s webpage.
Morgan Stanley reportedly paid $245,000 to settle the most recent claim against Paesano and another broker.
Brokerage firms are required to adequately supervise their agents. They must ensure they are complying with FINRA rules. The firms can be held responsible for any losses in a FINRA arbitration claim if it is determined that they failed to properly supervise their agent.
If you suffered losses investing with Michael Paesano, the attorneys at The White Law Group may be able to help. For a free consultation, please call (888) 637-5510.
The foregoing information, which is all publicly available, is being provided by The White Law Group.
The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Vero Beach, Florida.