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Allen Hershberg Resigns from Morgan Stanley Following Firm Investigation

Aug 26, 2022 Employment

Allen Hershberg (CRD #: 1112312) resigned from his firm, according to his BrokerCheck record, accessed on August 13, 2022. If you have questions about Allen Hershberg’s conduct as a broker, keep reading.

Resignation from Morgan Stanley

On July 1, 2022, Allen Hershberg was permitted to resign from Morgan Stanley Smith Barney following an investigation into his alleged unapproved outside real estate investments and his recommendation of these investments to firm clients and others, including through limited liability companies he created.

FINRA Rule 3270

FINRA Rule 3270 requires brokers to inform and receive approval from their firm before engaging in any private securities transactions. This is especially crucial if the broker has a potential conflict of interest when they recommend an outside investment. 

Other business activities

Allen Hershberg’s detailed BrokerCheck report lists several outside business activities.

He is an advisor for IAN Media Networks, the sole proprietor of a rental property in Oak Park, Michigan, and is involved with three investment-related LLCs: CPV LLC, Worthfield 1 LLC (owner), and Dorchester 1 LLC (owner).

Background Information

Allen Hershberg has passed the following exams:

  • Series 63 – Uniform Securities Agent State Law Examination
  • SIE – Securities Industry Essentials Examination
  • Series 31 – Futures Managed Funds Examination
  • Series 7 – General Securities Representative Examination

He has also worked for the following firms:

  • Morgan Stanley (CRD#:149777)
  • Morgan Stanley & Company (CRD#:8209)
  • Morgan Stanley DW (CRD#:7556)
  • Merrill Lynch, Pierce, Fenner & Smith (CRD#:7691)
  • Dean Witter Reynolds (CRD#:7556)

Kurta Law Can Help

If you worked with Allen Hershberg and you have concerns about your investments, please contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.

For over 20 years, Kurta Law has advocated on behalf of investors who want to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm and exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf.