Dale Cerbert Terminated from Morgan Stanley
May 20, 2016 | by Fitapelli Kurta
Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) on May 17, 2016 indicate that Florida-based FSC Securities broker/adviser Dale Cerbert has been the subject of customer complaints and regulatory sanctions. The securities and investment fraud law firm Fitapelli Kurta is investigating allegations of misconduct against Mr. Cerbert (CRD# 2986573).
Dale Cerbert has spent 18 years in the securities industry and has been registered with FSC Securities in The Villages, Florida since 2014. Previous registrations include Morgan Stanley in The Villages, Florida; National Planning in The Villages, Florida; Securities America in The Villages, Florida; National Planning in El Segundo, California; Securities America in La Vista, California; Conseco Securities in Carmel, Indiana; and Conseco Financial Services in Carmel, Indiana. He is a registered broker and investment adviser with 32 US states and territories.
According to his BrokerCheck report, Dale Cerbert has received two regulatory sanctions and three customer complaints.
In 2014, Dale Cerbert was discharged from his position at Morgan Stanley following allegations "related to outside business activities, including the continued operation of, and payments made through, his self-named business entity."
In 2013, the New York State Department of Financial Services sanctioned Dale Cerbert following allegations, among others, he provided materially incorrect information on a renewal application. He was issued a fine of $1,500.
In 2009, a customer alleged Dale Cerbert, while employed at National Planning, recommended an unsuitable investment. The complaint settled for $9,990, to which Mr. Cerbert individually contributed $9,900.
In 2009, a customer alleged Dale Cerbert, while employed at National Planning, failed to liquidate holdings when instructed. The complaint settled in 2010 for $14,995, to which Mr. Cerbert individually contributed $5,000.
In 2007, the State of Florida sanctioned Dale Cerbert following allegations, among others, he failed to submit two advertisements for review and approval. He was issued a fine of $10,000.
In 2003, a customer alleged Dale Cerbert, while employed at Securities America, purchased an AllAmerica variable annuity that was not consistent with his risk tolerance. The complaint settled for $9,999.99, to which Mr. Cerbert individually contributed $9,999.99.
If you or someone you know has a complaint regarding Dale Cerbert, call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. You may be eligible to recoup losses. Fitapelli Kurta accepts every case on contingency: we only get paid if and when you collect money. Time to file your claim may be limited, so we recommend you avoid delay. Call 877-238-4175 now to speak to an attorney for free.
Posted in: Customer Complaints and Terminated Brokers
Tagged: Customer Complaints, Sanctioned, Selling Away, Terminated and unsuitable
Updated: May 20, 2016 12:00 pm