MICHAEL JAMES MELKO is currently employed as a Broker and/or Investment Adviser at MORGAN STANLEY located at 227 WEST MONROE STREET, SUITE 3400, CHICAGO, IL, 60606.
MICHAEL JAMES MELKO has worked at MORGAN STANLEY since June 01, 2009
MICHAEL JAMES MELKO has 1 Disclosure Event(s).
Date: March 17, 1989 Category: Customer Dispute Allegations: THIS WAS A LAWSUIT DOMENY TOOL & STAMPING CO.AGAINST HUTTON, MYSELF, AND VARIOUS INSURANCE COMPANIES ANDTHEIR INSURANCE REPRESENTATIVES. THIS LAWSUIT HAD NOTHING TO DOWITH SECURITIES. RATHER IT AROSE FROM A LAPSE IN AN ACCIDENT ANDHEALTH INSURANCE POLICY DOMENY HAD PURCHASED FROM THE HARTFORDINC. CO. IN ITS CLAIM AGAINST ME, DOMENY ALLEGED THAT I HAD THERESPONSIBLITY TO REVIEW AND DID REVIEW THE PROPOSED INSURANCECOVERAGE AND ALLEGEDLY ADVISED DOMENY OF ITS ADEQUACY. DOMENYSOUGHT $250,000 IN DAMAGES AGAINST ALL OF THE DEFENDANTS (OFWHICH THERE WERE EIGHT). WHEN THE CASE WAS SETTLED, I DID NOTHAVE TO PAY ANY OF THE SETTLEMENT COST. Damage Amount Requested: $250,000.00 Settlement Amount: $12,500.00 Broker Comment: ALL OF THE DEFENDANTS (EXCEPT ME) CONTRIBUTED TOTHE SETTLEMENT. I WAS NOT ASKED TO CONTRIBUTE, AS SHEARSONLEHMAN HUTTON EXPRESSED ITS CONFIDENCE THAT THERE HAD BEEN NOWRONGDOING BY ME. I CONTINUE TO BE EMPLOYED BY SHEARSON. THESUIT BY DOMENY TOOL WAS THE ONLY COMPLAINT EVER FILED AGAINSTME. EF HUTTON INVESTIGATION DETERMINED NO MISCONDUCT BY ME. TOTHE CONTRARY, HUTTON WAS PUZZLED THAT EITHER IT OR MYSELF WERENAMED AS DEFENDANT. SLH OFFERED AND CONTRIBUTED $12,500 TOWARDSETTLEMENT SIMPLY TO AVOID INCURRING ADD'L COSTS RELATED TO THISMULTI-DEFENDANT INSURANCE CASE.AS DISCUSSED PREVIOUSLY, DOMENY'S SUIT WAS NOT ANINVESTMENT-RELATED EVENT. MY SOLE INVOLVEMENT, WHICH WAS KNOWNTO E.F. HUTTON AT THE TIME, WAS SIMPLY TO INTRODUCE AN INSURANCEAGENT TO DOMENY. AFTER THAT INTRODUCTION, ALL NEGOTIATION ANDSELLING OF THE POLICY OCCURRED BETWEEN DOMENY AND THE INSURANCECOMPANY. I HAVE NEVER ACTED AS AS INSURANCE BROKER. IN THISLAWSUIT, DOMENY WAS SIMPLY ATTEMPTING TO SWEEP IN AS MANYPOSSIBLE DEFENDANTS AS IT COULD, REGARDLESS OF WHETHER THEYSHOULD HAVE PROPERLY BEEN NAMED. I WAS ONE SUCH DEFENDANT.
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