Darryl Cohen (CRD #: 2786613) a broker registered with Morgan Stanley in Westlake Village, California, is involved in a $5 million dispute, according to his BrokerCheck record, accessed on April 6, 2021. There is a second pending dispute on his record.
On January 22, 2021, investors alleged that Darryl Cohen made payments without prior approval. The investors also alleged that they were encouraged to use a Liquidity Access Line for real estate and life insurance policies for which they now claim they hold no interest. Liquidity Access Lines allow investors to use securities in their brokerage accounts as collateral for a line of credit. The investor is seeking $5,000,000; the dispute is pending.
There is another dispute on Cohen’s record regarding Liquidity Access Lines. On May 27, 2020, an investor alleged that Darryl Cohen recommended an unsuitable strategy that comprised the use of a Liquidity Access Line to loan funds to outside business entities.
There are more disputes on Darryl Cohen’s record – two mention unauthorized transactions.
Earlier Investor Disputes
- On October 3, 2011, an investor alleged that he made numerous attempts to liquidate positions in his two accounts, but that Darryl Cohen failed to follow his instructions. The dispute was denied by the firm.
- On April 5, 2010, an investor alleged that Cohen executed an unauthorized transfer to an account of one of Cohen’s investors. The investor sought $10,000; the dispute settled for $16,500.
- On November 5, 2001, investors alleged that Darryl Cohen recommended unsuitable investments and executed unauthorized trades in their account. The investor sought $96,000; the dispute settled for $81,851. You can read a copy of the arbitration award here.
Darryl Cohen Securities Experience
Cohen has passed the Series 65 Uniform Investment Adviser Law Examination, the Series 63 Uniform Securities Agent State Law Examination, the Securities Industry Essentials Examination, and the Series 7 General Securities Representative Examination. He is a registered broker in 47 states and a registered investment adviser in California, Nevada, and Texas.
During his 24 years of experience, Darryl Cohen has worked for the following firms:
- Morgan Stanley (CRD #: 149777)
- Wells Fargo (CRD #: 19616)
- Merrill Lynch Pierce, Fenner & Smith, (CRD #: 7691)
If you worked with Darryl Cohen and you have questions about your investments, don’t hesitate to contact the securities attorneys of Fitapelli Kurta. Call (877) 238-4175 or email email@example.com for a free case consultation.