How can they not have a duty to impart correct information?
I was scammed by Morgan Stanley. They are terrible.
Whistleblower files federal lawsuit against Morgan Stanley, FINRA
By Ashley Lau | Reuters – Fri, Feb 22, 2013.
NEW YORK (Reuters) - A former Morgan Stanley broker who tried to blow the whistle on what he called unethical sales practices, and was later ordered to pay $1.2 million following his departure, is seeking his day in federal court.
Mark Mensack filed a lawsuit against Morgan Stanley and Wall Street’s top watchdog in a New Jersey federal district court on Friday, accusing the firm of perjury, among other claims. Mensack also found fault with the industry’s arbitration hearing process that resulted in the award against him.
“That needs to be brought to light,” Mensack said in an interview on Friday, referring to his claim that Morgan Stanley committed perjury. Mensack said his attorney proved that key evidence was fabricated against him during the hearing.
When Mensack sought to review the testimony of the arbitration hearing in hopes of vacating the award, he found that roughly eight hours of the testimony were “destroyed, never recorded or were otherwise missing and unavailable.”
“It’s an indication of injustice in the system,” said Mensack, who is now seeking a trial by jury.