MICHAEL JAMES NOTTER is currently employed as a Broker and/or Investment Adviser at MORGAN STANLEY located at 855 FRANKLIN AVENUE, GARDEN CITY, NY, 11530.
MICHAEL JAMES NOTTER has worked at MORGAN STANLEY since July 19, 2013
Disclosure History
MICHAEL JAMES NOTTER has 4 Disclosure Event(s).
Date: September 16, 2009 Category: Customer Dispute Allegations: TIME FRAME: JULY 8, 2008 TO MARCH 16, 2009THE CLIENT ALLEGES HIS FINANCIAL ADVISOR NEVER TOLD HIM THAT HE WAS PURCHASING AN ANNUITY FOR HIS ACCOUNT. THE CLIENT FURTHER ALLEGES THAT HIS FINANCIAL ADVISOR ASSURED HIM THAT HIS INVESTMENT WOULD DOUBLE IN TEN YEARS. THE ALLEGED DAMAGES ARE IN EXCESS OF $5,000.00. Damage Amount Requested: $5,000.00 Settlement Amount: $9,622.04 Broker Comment: THE CLIENT AND I HAD NUMEROUS DISCUSSIONS CONCERNING THE PROS AND CONS OF PURCHASING AN ANNUITY. HE WAS VERY COMFORTABLE WITH HIS PURCHASE OF THE ANNUITY UNTIL THE INVESTMENT VALUE DECLINED. IN OUR DICUSSIONS, THE CLIENT HAD 2 MAIN OBJECTIVES; 1. TO PROTECT HIS DAUGHTER, IF HE PASSED AWAY 2. PROVIDE HIM WITH INCOME IF HE NEEDED IT IN RETIREMENT. HE WAS SATISFIED THAT THE JACKSON ANNUITY MET HIS OBJECTIVES WHEN HE SIGNED THE ANNUITY PAPERWORK.
Date: November 26, 2002 Category: Customer Dispute Allegations: CLIENT ALLEGES FINANCIAL ADVISOR RECOMMENDED UNSUITABLE INVESTMENTS AND INAPPROPRIATE MUTUAL FUND CLASS SHARES. Damage Amount Requested: $250,000.00 Broker Comment: CUSTOMER WAS INVOLVED IN ALL DECISIONS REGARDING INVESTMENTS IN HER ACCOUNT. HER ALLEGATIONS ARE TOTALLY WITHOUT MERIT. BOTH UBS AND PSI DENIED THE COMPLAINT.
Date: March 30, 1993 Category: Customer Dispute Allegations: CLIENT ALLEGES UNSUITABILITY IN CONNECTIONWITH THE PURCHASE OF SEVERAL LIMITED PARTNERSHIPS. ALLEGEDDAMAGES ARE $254,533.00 Damage Amount Requested: $254,533.00 Settlement Amount: $12,818.55 Broker Comment: CASE WAS SETTLED WITH THE FOLLOWING TERMS: THELIMITED PARTNERSHIPS IN [CUSTOMER'S] ACCOUNT WERE TO BE SOLD ANDPRUDENTIAL WAS TO PAY THE DIFFERENCE BETWEEN THE ORIGINALPURCHASE PRICE ($75,000.00) AND PROCEEDS OF SALE (EST.$60,000.00). THE EXACT AMOUNT WAS $12,818.55. MR. NOTTER WASNOT ASKED TO CONTRIBUTE TO THE SETTLEMENT.THE INVESTMENT VEHICLES IN QUESTION ARE FIRMRECOMMENDED LIMITED PARTNERSHIPS WHICH I WAS TOLD WERE SUITABLEFOR THIS CLIENT. THE PROBLEM IS WITH THE PRODUCT NOT WITH THEFINANCIAL ADVISOR.
Date: February 22, 1993 Category: Customer Dispute Allegations: CLAIMANTS ARE ALLEGING MISREPRESENTATION INCONNECTION WITH THEIR 1987/1988 INVESTMENTS IN PB ENERGY INCOME($25,000 [CUSTOMER], $5,000-[OTHER CUSTOMER NAMED]); VMS MORTGAGE($15,000-[CUSTOMER]); ($15,000-[OTHER CUSTOMER NAMED]) ALLEGESDAMAGES IN EXCESSOF $90,000 Settlement Amount: $36,500.00 Broker Comment: WITHOUT ADMITTING LIABILITY,PSI SETTLED THE CASEFOR $36,500.00THE CLIENT'S OBJECTION WAS TO THE LIMITEDPARTNERSHIPS, WHICH WERE APPROVED BY PRU (BACHE) SECURITIES ASSUITABLE FOR THE CLIENT'S OBJECTIVES AND WERE WELL WITHIN THEPARAMETERS OF HIS INVESTMENT OBJECTIVES. I WAS NOT ASKED BYPRUDENTIAL SECURITIES TO CONTRIBUTE TO THIS SETTLEMENT. THEENTIRE AMOUNT WAS PAID FOR BY THE FIRM.
More Information
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A disclosure includes information about customer disputes, disciplinary events and financial matters on the broker's record as reported by securities regulators, the individual broker, and any involved firms. Some of these items may involve pending actions or allegations that have not been resolved or proven. The presence of a disclosure does not automatically indicate any wrongdoing.
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