Public records published by the Financial Industry Regulatory Authority (FINRA) on March 19, 2018 indicate that former California-based Morgan Stanley broker/adviser Kevin Yang, who has been involved in customer disputes, was recently sanctioned by FINRA in connection to alleged rule violations and suspended from acting as a broker. Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Yang (CRD# 2834317).
Kevin Yang has spent 17 years in the securities industry and was most recently registered with Morgan Stanley in Pasadena, California (2010-2017). Previous registrations include Merrill Lynch Pierce Fenner & Smith in Pasadena, California (2004-2010); Morgan Stanley DW Incorporated in Purchase, New York (2003-2004); and Heartland Securities Corporation in Edison, New Jersey (1999-2000; 2001-2003). He has passed five securities industry examinations: Series 65 (Uniform Investment Adviser Law Examination), which he obtained on April 17, 2003; Series 63 (Uniform Securities Agent State Law Examination), which he obtained on May 26, 1999; Series 31 (Futures Managed Funds Examination), which he obtained on July 25, 2003; Series 55 (Limited Representative-Equity Trader Exam), which he obtained on April 26, 2000; and Series 7 (General Securities Representative Examination), which he obtained on May 18, 1999. He is currently not registered with any state, firm or self-regulatory organization (SRO).
According to his BrokerCheck report, he has received four customer complaints and one FINRA sanction, and was terminated from a former employer in connection to alleged rule violations.
In March 2018 FINRA sanctioned Kevin Yang in connection to allegations he exercised discretion in “approximately 13 accounts maintained by nine customers” of his member firm without obtaining prior written authorization from the customers to exercise discretion, or his firm’s approval of the accounts as discretionary. He was issued a 20-day suspension and a fine of $5,000.
In 2017 he was terminated from his position at Morgan Stanley following allegations regarding his compliance with the firm’s rules regarding trades in non-discretionary accounts and firm communications.
In 2016 a customer alleged Kevin Yang, while employed at Morgan Stanley Smith Barney, recommended unsuitable products and made misrepresentations of material facts. The complaint settled for $57,500.
In 2016 a customer alleged Kevin Yang, while employed at Morgan Stanley Smith Barney, made unsuitable investment recommendations. The complaint settled for $405,000.
In 2009 a customer alleged he, while employed at Merrill Lynch, made unsuitable recommendations and misrepresentations of material facts regarding auction rate securities prior to the widespread breakdown in liquidity of the market for auction rate securities. The complaint settled with the firms repurchase of the securities at par value for $16,300,000.
If you have lost money investing with Kevin Yang, you may be entitled to recoup your losses. Call Fitapelli Kurta at 877-238-4175 for a free consultation. All cases are taken on a contingency basis, which means we only get paid if and when you collect money. Time to file your claim may be limited, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.