Caryn Alles Named in a $790,000 Dispute
Caryn Alles (CRD #: 4255618), a broker registered with Morgan Stanley, is involved in a pending dispute, according to her BrokerCheck record, accessed on June 25, 2022. If you have questions about her conduct as a broker, read on.
On April 18, 2022, an investor named Caryn Alles in a dispute alleging, among other things, that she made a recommendation which was not in the client’s best interests.
The investor alleges Caryn Alles recommended she not invest the funds she inherited into the technology sector, but instead hold them in cash and cash equivalents. The client claims this occurred from 2019-2022.
The investor seeks $790,000 in this pending dispute.
What is Regulation Best Interest?
Regulation Best Interest (Reg BI) is a regulation adopted by the Securities Exchange Commission that expands on the suitability requirements of FINRA Rule 2111 and requires firms to disclose any conflicts of interest.
FINRA Rule 2111
FINRA Rule 2111 requires brokers to recommend securities that sufficiently fit an investor’s profile. These profiles include information about clients’ age, risk tolerance, and tax status.
Suitability also applies to trades and recommendations of investment strategies:
- Churning, or the excessive trading of securities, violates the requirement for quantitative suitability.
- Investment strategies often violate this rule by over-concentrating investors’ funds in a particular stock or sector.
Investors who rely on their brokers for their recommendations or trading discretion may be able to recoup their losses by pursuing FINRA arbitration.
Caryn Alles has passed the following exams:
- Series 65 – Uniform Investment Adviser Law Examination
- 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
Caryn Alles is a registered broker in 22 states and the District of Columbia. She is also a registered investment adviser in Oregon and Texas.
She has worked for the following firms:
- Morgan Stanley & Company (CRD#:8209)
- Morgan Stanley DW (CRD#:7556)
- Salomon Smith Barney (CRD#:7059)
Kurta Law Can Help
If you worked with Caryn Alles and you have concerns about your investments, please contact us today at 877-600-0098 or firstname.lastname@example.org 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.