Doug McKelvey, Formerly with Morgan Stanley, Barred by FINRA
SOUTHLAKE, TEXAS
Are you a former customer of Doug McKelvey, formerly with Morgan Stanley in Southlake, Texas? Our investment fraud firm is reviewing allegations made by FINRA against Doug McKelvey. In August 2022, Doug McKelvey was barred by FINRA from the securities brokerage industry after he failed to respond to a FINRA investigation.
FINRA began its investigation in May 2022 after McKelvey was terminated by his former brokerage firm, Morgan Stanley. A customer alleged that he engaged in unauthorized activity and misappropriated funds from client accounts, which led to his termination. The customers were allegedly relatives of McKelvey.
Doug McKelvey was licensed with Morgan Stanley from June 2009 to May 2022. He had been in the securities industry since 2002. He was also the subject of a customer complaint in 2008 which settled for $175,000.
McKelvey was obligated to follow FINRA rules and was required to respond to FINRA investigations per Rule 8210. Moreover, FINRA Rule 3110 mandates that securities firms sufficiently supervise their representatives. If the firms like Morgan Stanley fail to provide sufficient supervision, the firms could be responsible for financial damages.
Israels & Neuman is a securities arbitration law firm that represents clients throughout the U.S., including investors in Texas. We have represented over 1,000 investors throughout the U.S. and have sued dozens of different brokerage firms, including Morgan Stanley.
View McKelvey, d BrokerCheck 8.31.22
If you lost money with Doug McKelvey or Morgan Stanley, please Contact Us at 720-599-3505 or 206-795-5798 for a free evaluation of your case.