Michael Beers Allegedly Violated Regulation Best Interest
Michael Beers (CRD #: 4066604), a broker registered with Morgan Stanley, is the subject of an investor dispute. This disclosure appears on his BrokerCheck record, accessed on October 23, 2023. Keep reading if you have questions about his alleged conduct.
On August 29, 2023, an investor alleged that Michael Beers recommended a universal life policy strategy that was not in his best interests. This alleged conduct took place from 2018 through 2022. The investor is seeking $230,000.
The dispute was denied by the firm, but investors should know that firms can deny disputes without any external review. Following a denial, investors may still be able to recover their funds via FINRA arbitration.
What is Regulation Best Interest?
Regulation Best Interest expanded on the requirements of FINRA Rule 2111, which defines suitable investment recommendations. In addition to limiting their recommendations to investments that suit their investors’ needs, brokerage firms must also uphold a Duty of Care, the Conflict of Interest Obligation, and the Disclosure Obligation. These obligations and duties require brokerage firms to disclose conflicts of interest. Firms must also research the market for investments that could offer similar benefits at a lower cost prior to making a recommendation.
Michael Beers has passed the following exams:
- Series 63 Uniform Securities Agent State Law Examination
- Series 65 Uniform Investment Adviser Law Examination
- SIE – Securities Industry Essentials Examination
- Series 31 Futures Managed Funds Examination
- Series 7 General Securities Representative Examination
Michael Beers is a registered broker in 44 states and is a registered investment adviser in Ohio and Texas.
During his 23 years of experience, he has registered with the following firms:
- Morgan Stanley (CRD #: 149777)
- Morgan Stanley & Co. (CRD #: 8209)
- Morgan Stanley (CRD #: 7556)
Kurta Law Can Help
If you worked with Michael Beers and have concerns about your investments, please contact us today at 877-600-0098 or email@example.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 that 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.