Thomas Caruso Allegedly Purchased Unsuitable Municipal Bonds

Thomas Caruso (CRD #: 735475), a broker registered with Morgan Stanley, allegedly purchased unsuitable bonds for a client, according to his BrokerCheck record, accessed on June 1, 2023. If you have questions about his alleged conduct as a broker, keep reading.

Investor Dispute

On March 13, 2023, an investor alleged that Thomas Caruso purchased municipal bonds in 2021 that were unsuitable for the client’s liquidity needs. The client seeks $60,000 in damages in this pending dispute.

FINRA Rule 2111

FINRA Rule 2111 requires brokers to tailor their investment recommendations to suit investors’ profiles. These profiles describe an investor’s tax status, age, and other characteristics.

Investors who feel their losses were caused by unsuitable investment recommendations may be able to recover their funds through FINRA arbitration.

Background Information

Thomas Caruso 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 7 – General Securities Representative Examination
• Series 52 – Municipal Securities Representative Examination
• Series 8 – General Securities Sales Supervisor Examination (Options Module & General Module)
• Series 10 – General Securities Sales Supervisor – General Module Examination
• Series 9 – General Securities Sales Supervisor – Options Module Examination

Thomas Caruso is a registered broker in 31 states as well as the District of Columbia and Puerto Rico. He is also a registered investment adviser in Florida and Texas.

He has also worked for RBC Capital Markets (CRD#:31194)  and J. B. Hanauer & Company (CRD#:6958).

Kurta Law Can Help

If you worked with Thomas Caruso 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.