Former Broker is Accused of Misappropriating Funds for His Personal Use

NEW YORK, NEW YORK, USA, June 3, 2022 /EINPresswire.com/ -- MDF Law announces the filing of an arbitration complaint against Morgan Stanley concerning former North Carolina broker Shawn Good’s theft of funds. The complaint was filed in South Carolina. The case number is FINRA Case No. 22-00944. The case has already been granted expedited consideration based on the age of the investor.

Shawn Good was associated with Morgan Stanley from December 2012 until March 2022. In April 2022, he was sued by the Securities and Exchange Commission in United States District Court in the Eastern District of North Carolina. In that case, the Commission alleged that Good misappropriated investor funds for his personal use. The details of the government’s allegations against Shawn Good are disturbing. Bank records obtained by the Securities and Exchange Commission revealed that he used investor money to pay for cars, expensive vacations, and other lavish personal expenses. Good also sent money to women he was romantically involved with through electronic payment apps. Good provided testimony to the Securities and Exchange Commission, but refused to answer some questions citing his Fifth Amendment rights. He has not been charged criminally and the allegations against him have not been proven by the government. He refused to cooperate with an investigation by the Financial Industry Regulatory Authority (FINRA) and was publicly barred on April 14, 2022. More details about the SEC case and his bar are publicly available on his securities license, which can be accessed on this website: https://brokercheck.finra.org/individual/summary/2022168

Both the Securities and Exchange Commission and FINRA maintain rules that govern the supervision of brokers and associated persons. These rules require brokerage firms such as Morgan Stanley to implement systems to detect and prevent the exact harm caused by Shawn Good. In our Firm’s case against Morgan Stanley, our client alleges that the brokerage firm was negligent in supervising and monitoring Mr. Good. In addition to its obligation to supervise its brokers, Morgan Stanley is also legally liable for all investments made by those advisors regardless of whether it knew about or benefitted from the transactions.

MDF Law’s case against Morgan Staley involves an elderly investor who believed she was investing in genuine investments. The Morgan Stanley customer provided Shawn Good with almost $400,000 for real estate investments, but the money was entirely misappropriated. The FINRA complaint seeks a return of the misappropriated funds, plus interest and attorneys’ fees pursuant to the South Carolina Securities Act. The case was granted expedited treatment and the investor can anticipate an evidentiary hearing being scheduled for some time in early 2023.

We are interested in speaking to other customers of Shawn Good or Morgan Stanley. If you or someone you know was a victim of Shawn Good, please call our law office at 800-767-8040. We may be able to assist you in recovering money damages from Moran Stanley by filing an arbitration complaint through the Financial Industry Regulatory Authority, or FINRA. We exclusively represent investors and are not paid anything unless we are successful. Our attorneys have helped victims of financial crimes recover over $100 million dollars.

MDF Law PLLC
28 Liberty Street, 30th Floor
New York, New York 10005
Receptionist: (800) 767-8040
www.mdf-law.com


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MDF Law
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Filing a FINRA Complaint Against Morgan Stanley