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Former Retirement Community/Morgan Stanley Broker Andrew T. Yocum Under Investigation Over Energy-related Allegations

Our law firms continue to investigate former The Villages, Florida-based Morgan Stanley broker Andrew T. Yocum (CRD# 4590723)  for over 36 BrokerCheck disclosures, most of which relate to the unsuitable recommendation and/or overconcentration of risky oil and gas investments.

Andrew T. Yocum’s FINRA BrokerCheck Report

Our attorneys have previously been investigating Andrew T. Yocum.

According to Yocum’s FINRA BrokerCheck report, Yocum has 36 disclosures, all of which have been recorded in the last two and half years and most of which relate to securities misconduct related to oil and gas investments.

Yocum’s first FINRA arbitration claims were filed in the middle of 2015, and both settled. Shortly afterwards, Morgan Stanley discharged Yocum after a customer alleged Yocum exercised discretion and placed unauthorized trades in their account.

After Morgan Stanley terminated Yocum, numerous customers filed FINRA arbitration complaints against Yocum. Many of these complaints allege unsuitable recommendations and overconcentration in oil and gas investments as well as unauthorized trading. Many of these complaints have settled.

Most recently, a customer filed a FINRA arbitration complaint against Yocum in August 2017 alleging unsuitability between 2009 and 2015.

Yocum operated out of the Morgan Stanley offices in The Villages, Florida, a planned, age-restricted community primarily populated by retired individuals.

Andrew T. Yocum is Barred from the Securities Industry

In May 2016, FINRA indefinitely barred Yocum from acting as a broker or associating with firms that sell securities to the public.

According to FINRA, it barred Yocum after he failed to appear for a FINRA deposition concerning its investigation into Yocum. FINRA was investigating allegations that Yocum made unauthorized trades, unsuitable recommendations in energy and oil and gas securities, and overconcentrated his customers in the energy sector.

The State of Florida followed up FINRA’s bar with sanctions of its own. In March 2017, the Florida Office of Financial Regulation barred Yocum from the securities industry.  The Florida Office of Financial Regulation alleged Yocum violated standards of commercial honor and principles of trade, executed unauthorized transactions, and made unsuitable recommendations.

Morgan Stanley and the Oil and Gas Industry

Morgan Stanley was involved in underwriting many oil, gas and energy sector offerings.  Morgan Stanley underwrote and/or served in some capacity on public offerings for Alpha Natural Resources, Breitburn Energy, Arch Coal, Linn Energy and Clearbridge MLP. Many of these oil and gas investments were industry darlings and heavily recommended by Wall Street giants.

Morgan Stanley also underwrote and served as book-running manager of Seadrill Ltd.’s initial public offering as well as one other public offering. Seadrill then hired Morgan Stanley in 2016 as an advisor on Seadrill’s debt negotiations and deliberations.

Contact Us if you Have Oil, Gas or Energy Losses Investing with Morgan Stanley and Andrew T. Yocum

 

If you have lost money due to Andrew T. Yocum and Morgan Stanley’s recommendations to invest in oil-, gas- or energy-related investments such as master limited partnerships (MLPs), contact our attorneys.  The consultation is free and, if we take your case, you pay nothing unless we recover.

For more information about the law firms, the lawyers, and our oil and gas investment practice area, please visit our website at www.oilgasfinraarbitration.com.  Contact Scott L. Silver at (800) 975-4345 for a free, confidential consultation.

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