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Damian Baird Indefinitely Suspended by FINRA

Apr 26, 2023 FINRA Suspension

Damian Baird (CRD #: 3097243), a broker formerly registered with Moors & Cabot, was recently suspended by FINRA, according to his BrokerCheck record, accessed on April 18, 2023. If you have questions about his alleged conduct as a broker, read on.

FINRA Suspension

On March 20, 2023, Damian Baird received a Letter of Suspension alleging that he failed to comply with an arbitration award/settlement agreement or to sufficiently respond to a FINRA request for information concerning the status of his compliance.

His suspension took effect on the same date and will continue until the required payment is made or discharged.

On July 23, 2020, Morgan Stanley and MSSB Financing filed a complaint against Damian Baird alleging that he breached promissory notes. An arbitration agreement made him liable for $875,590.28 in damages and $176,991.03 in accrued interest. He was also found to be liable for additional interest, a $10,000 discovery sanction, as well as other costs and attorneys’ fees.

You can read the arbitration award here.

FINRA Rule 9554

FINRA Rule 9554 penalizes brokers who fail to comply with arbitration awards or settlements by suspending or canceling their registration. Brokers have 21 days to request a hearing before their suspension or cancellation becomes final.

FINRA Rule 2010

FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade.

Pending Dispute

On March 1, 2023, multiple investors alleged that they attempted to fund their account with a $50,000 check, and were contacted by their bank fraud department due to concerns that the check may have been altered and had been made payable to Damian Baird.

The client seeks $50,000 in damages in this pending dispute.

Investigation by State of New York

On March 1, 2023, the police departments of Erie County and Tonawanda, New York began an investigation into allegations that a check deposited by several investors may have been altered and made payable to Damian Baird.

Tax Lien

On December 22, 2021, Damian Baird incurred a $23,815.89 tax lien.

Background Information

Damian Baird 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
  • Series 6 – Investment Company Products/Variable Contracts Representative Examination
  • Series 10 – General Securities Sales Supervisor – General Module Examination
  • Series 9 – General Securities Sales Supervisor – Options Module Examination
  • Series 26 – Investment Company Products/Variable Contracts Principal Examination

He previously worked for the following firms:

  • Moors & Cabot (CRD#:594)
  • Morgan Stanley (CRD#:149777)
  • UBS Financial Services (CRD#:8174)
  • HSBC Securities (USA) (CRD#:19585)
  • HSBC Brokerage (USA) (CRD#:6956)

Kurta Law Can Help

If you worked with Damian Baird and you have concerns about your investments, please contact us today at 877-600-0098 or 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. 

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