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Michael Weiss Allegedly Misrepresented a Mutual Fund

Michael Weiss (CRD #: 1382516), a broker registered with Morgan Stanley, is the subject of a mutual fund dispute. This is according to his BrokerCheck record, accessed on August 9, 2023. 

On July 17, 2023, an investor alleged that Michael Weiss misrepresented a mutual fund. 

What is a Mutual Fund? 

A mutual fund is a portfolio of investments that allows investors to pool their wealth. They can be passively or actively managed. Brokers may earn a large commission from these funds, making them frequent objects of fraudulent trading practices. Investors should also note that brokers are required to notify their investors if they are entitled to breakpoint discounts when they purchase shares of a mutual fund. Failure to do so could be grounds for an investor dispute and FINRA arbitration.

FINRA Rule 2020

FINRA Rule 2020 prohibits the use of manipulation, deception, and other fraudulent methods to influence investors’ decisions. This includes the misrepresentation or omission of material information, such as an investment’s potential returns, risks, or limitations.

FINRA Rule 2010

FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade. Violations of Rule 2020 automatically violate this rule. 

Background Information 

Michael Weiss 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 31 Futures Managed Funds Examination 
  • Series 7 General Securities Representative Examination 
  • Series 6 Investment Company Products / Variable Contracts Representative Examination 
  • Series 26 Investment Company Variable Contracts Principal Examination 

He is a registered broker in 36 states and D.C. He is also a registered investment adviser in Connecticut and Texas. 

Kurta Law Can Help

If you worked with Michael Weiss 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.