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Former Morgan Stanley Broker Richard Alan Shotz Consents to FINRA Suspension and Fine

By January 18, 2018January 31st, 2018Uncategorized

The attorneys of Fishman Haygood Investment Fraud Lawyers are currently investigating possible claims against former Morgan Stanley stockbroker Richard Alan Shotz.

According to a recent Letter of Agreement, Waiver, and Consent (“AWC”) with FINRA, Richard Shotz consented to FINRA sanctions, including a 4-month suspension from the securities industry and $7,500 fine.  In the AWC, FINRA asserted that, between July 1, 2012 and December 31, 2014, Shotz engaged in an unsuitable pattern of short-term trading of Unit Investment Trusts (“UITs”).  Specifically, FINRA noted that, in connection with nearly 500 customer accounts, Shotz repeatedly recommended that his customers purchase UITs and then sell them well before their maturity dates.  While Shotz received big commissions for his recommendations, they were unsuitable for his customers and caused them to incur unnecessary sales charges.

FINRA alleged that Richard Shotz’s actions were in violation of NASD Rule 2310 and FINRA Rules 2111 and 2010.

Richard Shotz’s CRD Report reveals that he has been the subject of at least 5 customer complaints.  Shotz was employed by Morgan Stanley in Ormond Beach, Florida from June 2009 to October 2015.  Shotz has been working for Wells Fargo Clearing Services in Daytona Beach, Florida since that time.

If you invested money through Richard Shotz, we would like to talk to you.  Fishman Investment Fraud Lawyers are experienced securities litigators.  We have helped hundreds of clients recover their losses that were due to broker fraud or negligence.  Contact us today to discuss your options and receive a free consultation.


Fishman Haygood represents investors who have suffered investment losses in claims against their brokers or financial advisors. Our experienced attorneys have brought securities fraud cases in state and federal courts across the nation, as well as in FINRA arbitration. We work to help investors recoup their losses.

Of course, all cases are different. For that reason, we analyze each client’s matter individually and provide our personalized evaluation only after considering all of the facts and circumstances of all possible claims. If you or someone you know is the victim of securities fraud, please contact a Fishman Haygood lawyer today.

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