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Beneficiaries Allege David Lewis Failed to Advise Them Regarding IRA Distribution 

May 27, 2022 Investor Disputes

David Lewis (CRD #: 1175193), a broker registered with Morgan Stanley, allegedly failed to advise clients, according to his BrokerCheck record, accessed on May 19, 2022. Read on to learn more about David Lewis’s conduct as a broker.

Allegations of Failure to Advise

On February 15, 2022, an investor alleged David Lewis failed to provide any guidance regarding the best way for them to receive inherited funds as beneficiaries of an IRA, and that their best interests were not taken into account when they took a lump-sum distribution. The investor is seeking $44,342 in damages in this pending dispute. 

What is broker negligence?

Brokers can commit negligence in many ways. Failing to fully inform clients, misrepresenting investments, and providing unsuitable investment recommendations are some of the common forms of broker negligence.

Investors who lose money through the negligence of their broker may be able to recover their losses through FINRA arbitration.

Background Information

David Lewis 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

David Lewis is a registered broker in 41 states, the District of Columbia, and Puerto Rico. He is also a registered investment adviser in Florida and Texas.

He previously worked for Merrill Lynch, Pierce, Fenner & Smith (CRD#:7691).

Kurta Law Can Help

If you worked with David Lewis 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.