Investors Allege Maury Lomax’s Investment Strategy Not in Their Best Interests

Maury Lomax (CRD #: 4389255), a broker registered with Morgan Stanley, allegedly executed an unsuitable investment strategy, according to his BrokerCheck record, accessed on July 13, 2023. Read on if you want to know more about his alleged conduct as a broker.

Investor Dispute

On June 21, 2023, multiple investors alleged that Maury Lomax executed an investment strategy in their accounts from 2020-2022 that was not in their best interests. The clients seek $1 million in damages in this pending dispute.

FINRA Rule 2111 and Regulation Best Interest

FINRA Rule 2111 requires brokers to evaluate whether an investment fits their investor’s financial goals. Brokers must consult the investor’s profile, which contains information about their tax status, age, and risk tolerance.

Suitability also applies to investment strategies. Overconcentration, for example, may be an unsuitable investment strategy for a client with a low–risk tolerance.

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

Maury Lomax has passed the following exams:

• Series 66 – Uniform Combined State Law Examination
• SIE – Securities Industry Essentials Examination
• Series 31 – Futures Managed Funds Examination
• Series 7 – General Securities Representative Examination

Maury Lomax is a registered broker in 27 states and the District of Columbia. He is also a registered investment adviser in Alabama and Texas.

He has also worked for the following firms:

• Citigroup Global Markets (CRD#:7059)
• Morgan Stanley & Company (CRD#:8209)
• Morgan Stanley (CRD#:7556)

Kurta Law Can Help

If you worked with Maury Lomax 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.