Former Morgan Stanley Advisor Steven Schmitt Subject of Complaint

NEW YORK, NY     Are you a former customer of financial advisor Steven Schmitt from New York, New York? The investment fraud and securities arbitration law firm of Israels & Neuman is reviewing allegations made against this advisor, who previously worked with Morgan Stanley and is now with Raymond James.

Morgan Stanley was sued in FINRA arbitration in December 2023 regarding Mr. Schmitt’s conduct.  It was alleged that he executed an unsuitable investment strategy in a customer’s account from 2018 to 2022.  The investor allegedly lost $385,000 because of this strategy.

Steven W. Schmitt was with Morgan Stanley in New York from October 2016 to November 2022, and is currently with Raymond James in Paramus, New Jersey.

Morgan Stanley is a FINRA member firm and must have written supervisory and compliance procedures, under securities rules and regulations.  If brokerage firms fail to  reasonably supervise their advisors, they may be held liable for customer losses.

Israels & Neuman has represented numerous investors throughout New York and New Jersey and have sued dozens of brokerage firms in the past, recovering millions of dollars for investors who have suffered investment losses.

VIEW BROKERCHECK REPORT HERE. 

If you lost money with Steven Schmitt or Morgan Stanley, please Contact Us at (206) 795-5798 for a free evaluation of your case.