The Financial Industry Regulatory Authority (FINRA) has barred former Morgan Stanley broker Matthew Singer for failing to appear at a hearing in connection with a FINRA investigation. He was being investigated regarding whether he and others made unsuitable options recommendations to customers. Morgan Stanley filed a Form U5 termination notice listing the reason for his termination as “concerns regarding his conduct in a client arbitration matter.” These are against securities laws and internal firm rules. Singer was previously registered with Knight Equity Markets, Knight Capital Markets, Hudson Securities, C.L. King & Associates, Capstone Investments, Ascendiant Capital Markets, FBN Securities, and Morgan Stanley in Aventura, Florida from July 2013 until March 2016. He has three customer disputes against him, alleging unsuitable investments, unsuitable options trading strategies, and misrepresentation and unauthorized trading. He is not currently registered as a broker, according to his online, FINRA BrokerCheck report.
A Vernon Hills, Illinois man was charged with mail fraud yesterday after defrauding more than a dozen investors out of retirement savings in a ponzi scheme. Richard K. Booy allegedly told investors they were investing in no-risk investments and collected around $1 million from at least 15 clients. Many of the clients were elderly individuals. Beginning in June 2015, Booy allegedly collected funds from clients, claiming to be affiliated with Principal Financial Group. In reality, he was not affiliated with the group, and he used the money to pay off personal debts and to make purchases at Best Buy and DirecTV. Many of the clients were from the Chicago area and were elderly, including a Chicago pastor, a retired painter and a retired government worker. If you suffered losses with Mr. Booy, please call our Chicago–based law offices today at 312-332-4200 to speak to one of our attorneys. The call is free with no obligation. We take cases on a contingency fee basis so we don’t make money unless you recover yours.