Eric Brian Kleiner (CRD #4135180) Was Barred by FINRA

Eric Brian Kleiner (CRD #4135180) has been the subject of customer disputes / complaints and regulatory action disclosed through his FINRA BrokerCheck report (accessed on January 14, 2026). If you have worked with Eric Brian Kleiner and you have concerns about his activity, keep reading.

BrokerCheck link: Eric Kleiner FINRA BrokerCheck

BrokerCheck report: Eric Kleiner FINRA BrokerCheck Report (PDF)

Regulatory action (FINRA)

According to Eric Kleiner’s FINRA BrokerCheck disclosure section, FINRA issued an Acceptance, Waiver & Consent (AWC) on October 31, 2025 in which Eric Kleiner consented to a permanent bar from associating with any FINRA member in all capacities. The BrokerCheck report explains that FINRA’s action stemmed from its investigation (originating from FINRA’s review of the Form U5 filed by Morgan Stanley Smith Barney LLC), and that Eric Kleiner refused to provide documents and information requested by FINRA.

AWC link: FINRA AWC (Case No. 2024084330501)

The AWC states that FINRA sent requests for information and documents on July 22, 2025 and August 6, 2025 pursuant to FINRA Rule 8210, and that on August 14, 2025 Eric Kleiner (through counsel) confirmed he would not produce the requested materials. As a result, FINRA found violations of FINRA Rules 8210 and 2010 and imposed the permanent bar, effective October 31, 2025.

Rule summary #1: FINRA Rule 8210

FINRA Rule 8210 authorizes FINRA to require broker-dealers and associated persons to provide information, documents, and testimony in connection with FINRA investigations and examinations. The Rule also states that no member or person may fail to provide information or testimony pursuant to the Rule.

Rule link: FINRA Rule 8210

Rule summary #2: FINRA Rule 2010

FINRA Rule 2010 requires member firms, in the conduct of their business, to observe high standards of commercial honor and just and equitable principles of trade. In disciplinary matters, FINRA often charges Rule 2010 together with more specific rule violations.

Rule link: FINRA Rule 2010

Employment separation

Eric Kleiner’s FINRA BrokerCheck report also reflects an employment separation after allegations. According to the report, Morgan Stanley (MSWM) discharged Eric Kleiner on March 18, 2025, citing allegations related to recommendations of non-firm approved and firm restricted investments (including ones in which Eric Kleiner was also invested), failure to fully disclose outside investment, and use of a personal device involving unauthorized disclosure of confidential firm information.

Investor disputes / customer complaints

Eric Kleiner’s FINRA BrokerCheck report reflects 10 customer dispute disclosures. Below are two examples; the remaining 8 customer dispute disclosures are not summarized here.

Example #1 – Eric Kleiner FINRA BrokerCheck (Customer Dispute – Award / Judgment)

BrokerCheck reports that a FINRA arbitration (Case #09-03489) involved allegations including fraud, misrepresentations/omissions, unsuitable investments, breach of fiduciary duty, and related claims tied to mutual fund investments. The matter resulted in an award dated July 12, 2010, with the firm ordered to pay $90,000 in compensatory damages plus interest.

Award link: FINRA arbitration award (Case #09-03489)

Example #2 – Eric Kleiner FINRA BrokerCheck (Customer Dispute – Pending)

BrokerCheck reports a pending FINRA arbitration (Docket/Case #25-02307; notice served October 27, 2025) in which the claimant contends, among other things, that an outside investment security that was not authorized by the firm was recommended, and that the recommendation was unsuitable and not in the customer’s best interests (2018 to 2025).

Why this matters to investors (Regulation Best Interest)

Regulation Best Interest (Reg BI) is a U.S. securities regulation designed to strengthen the standard of conduct that broker-dealers owe to retail investors when making recommendations about securities transactions or investment strategies. Adopted by the U.S. Securities and Exchange Commission and effective as of June 30, 2020, Reg BI aims to enhance investor protection while preserving investor access to brokerage products and services.

Reg BI requires broker-dealers and financial advisors to act in the best interest of the retail customer at the time a recommendation is made, and not to place their own financial or other interests ahead of the customer’s. This represents a higher standard than the historical “suitability” requirement, which only required that recommendations be suitable, not necessarily optimal or conflict-free.

Reg BI is built around four key obligations:

1. Disclosure Obligation – Broker-dealers must disclose material facts about the relationship and recommendations, including fees, scope of services, and conflicts of interest.
2. Care Obligation – Recommendations must be made with reasonable diligence, care, and skill, considering costs, risks, and alternatives.
3. Conflict of Interest Obligation – Firms must identify, disclose, and mitigate or eliminate conflicts, particularly those that create incentives to favor one product over another.
4. Compliance Obligation – Firms must establish policies and procedures designed to ensure compliance with Reg BI as a whole.

Importantly, Reg BI applies at the recommendation level, not as a continuous duty like the fiduciary standard applicable to registered investment advisers. Still, it significantly narrows the gap by emphasizing cost considerations, conflict management, and investor-focused decision-making.

Overall, Regulation Best Interest seeks to promote transparency, improve the quality of investment recommendations, and reinforce trust between retail investors and broker-dealers in the U.S. securities markets.

Background information

Eric Kleiner is not currently registered with a brokerage firm.

Has passed the Securities Industry Essentials Examination (SIE), Series 7, Series 65, and Series 63 exams.

Was previously registered with firms that include Morgan Stanley, Wells Fargo Advisors, LLC, and Prudential Securities Incorporated.

Kurta Law Can Help

If you have worked with Eric Kleiner and you have concerns about his activity, Kurta Law may be able to help you evaluate your legal options. Contact Kurta Law at 877-600-0098 or info@kurtalawfirm.com for a free consultation. You can also read more about selling away and unsuitable investments.

Helpful resources: Selling away | Unsuitable investments

For nearly 20 years, Kurta Law has advocated for investors and helped hold financial professionals accountable—because investor protection matters. If you suffered losses and have concerns about a broker’s conduct, consider speaking with a securities attorney about your options. Don’t let potential securities fraud go unchecked. Start your recovery process today.