Rob Vila Named in Excessive and Unauthorized Trading Dispute

Rob Vila (CRD #: 2069554), a broker registered with Morgan Stanley, was involved in a recent dispute, according to his BrokerCheck record, accessed on September 20, 2022. If you have questions about Rob Vila’s conduct as a broker, keep reading.

Investor Dispute

On August 3, 2022, an investor named Rob Vila in a dispute alleging unsuitable investment recommendations, as well as excessive and unauthorized trading, between 2012 and 2022. This dispute was denied by the firm.

FINRA Rule 3260

FINRA Rule 3260 limits brokers from exercising their trading discretion beyond pre-authorized discretionary accounts. Accounts must receive approval from both the firm and the client before discretionary trading can occur.

FINRA Rule 2111

FINRA Rule 2111 defines suitable investments as securities that fit an investor’s profile. An investor’s profile includes information about their risk tolerance, financial goals, and age.

Brokers must take into account this information when recommending securities or when executing trades on clients’ behalf. Excessing trading, also known as churning, violates the requirement for suitability by racking up commissions and other fees that cut into investors’ returns.

Investors who feel their losses were caused by unsuitability of some kind may be able to recover their funds through FINRA arbitration.

Background Information

Rob Vila 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

Rob Vila is a registered broker in 21 states and a registered investment adviser in California and Texas.

He has also worked for the following firms:

• Merrill Lynch, Pierce, Fenner & Smith (CRD#:7691)
• Pruco Securities Corporation (CRD#:5685)
• The Prudential Insurance Company of America (CRD#:680)

Kurta Law Can Help

If you worked with Rob Vila 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.