Christopher Duffy Allegedly Mismanaged Clients’ Accounts

Christopher Duffy (CRD #: 2515612), a broker registered with Morgan Stanley, allegedly failed to act according to his clients’ best interests, according to his BrokerCheck record, accessed on February 22, 2023. Read on if you want to know more about his alleged conduct as a broker.

Investor Dispute

On January 2, 2023, multiple investors filed a dispute alleging that, among other things, Christopher Duffy failed to manage their accounts according to their best interests from 2021-2022. This dispute is currently pending.

FINRA Rule 2111

FINRA Rule 2111 requires brokers to tailor their investment recommendations to suit investors’ profiles. These profiles describe an investor’s risk tolerance, tax status, and financial goals.

Suitability also applies to investment strategies and trading activity. A strategy involving overconcentration in a particular stock or sector, for example, may be unsuitable for investors with low risk tolerance. Excessive trading is quantitatively unsuitable because a high number of trades in a short time generates commissions and fees that reduce inventors’ returns.

Investors who rely on their broker for recommendations may be able to recoup their losses through FINRA arbitration.

Regulation Best Interest

Regulation Best Interest (Reg-BI) is an SEC regulation that requires brokerage firms to put their clients’ best interests first. For example, firms must conduct reasonable due diligence when researching investments to ensure their recommendations are suitable for the investor.

Background Information

Christopher Duffy 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 7 – General Securities Representative Examination

Christopher Duffy is a registered broker in 36 states and the District of Columbia. He is also a registered investment adviser in New Jersey and Texas.

He has also worked for Morgan Stanley & Company (CRD#:8209) and UBS Financial Services (CRD#:8174).

Kurta Law Can Help

If you worked with Christopher Duffy 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.