Stoltmann Law Offices continues to investigate former Morgan Stanley broker Peter Doyle, who was terminated from the firm in June 2016. Allegedly, Mr. Doyle failed to adhere to industry rules and firm policies with regard to the use of trading discretion. Before he was terminated, Morgan Stanley was ordered to pay over $8 million in damages in a customer dispute concerning allegations that Doyle made unauthorized trades, failed to disclose fees, and engaged in the financial abuse of an elderly customer. These are all against securities laws and internal firm rules. Another customer alleged that Mr. Doyle made an unsuitable investment recommendation to him from 2008 until 2016. The dispute was settled for $600,000.
Firms like Morgan Stanley have an obligation to reasonably supervise their brokers, and, if they do not, can be held liable for losses on a contingency fee basis in the Financial Industry Regulatory Authority (FINRA) arbitration forum.
Peter J. Doyle, according to his FINRA public records, was previously registered with Prudential in New York, New York from January 1995 until July 2003, Wachovia Securities in Washington D.C. from July 2003 until July 2008, Morgan Stanley in Washington D.C. from July 2008 until June 2009, Morgan Stanley in Washington D.C. from June 2009 until July 2016 and H. Beck in Bethesda, Maryland from September 2016 until February 2017. He has three customer disputes against him, and has been permanently barred from the industry.