STEVEN FRANK ESPOSITO is currently employed as a Broker and/or Investment Adviser at MORGAN STANLEY located at 207 E. WESTMINSTER AVENUE, SUITE 300, LAKE FOREST, IL, 60045.
STEVEN FRANK ESPOSITO has worked at MORGAN STANLEY since June 01, 2009
Disclosure History
STEVEN FRANK ESPOSITO has 2 Disclosure Event(s).
Date: October 18, 2004 Category: Customer Dispute Allegations: VIA AN ATTORNEY CUSTOMER ASSERTS THAT THE FINANCIAL ADVISOR "MADE WHOLLYUNSUITABLE INVESTMENT RECOMMENDATIONS AND FAILED TO DISCLOSE THE RISKS" ASSOCIATIOD WITH THE PURCHASE OF WORLDCOM SHARES. PURCHASE WAS MADE ON OR ABOUT 5/23/00. Damage Amount Requested: $8,062.50 Settlement Amount: $3,000.00
Date: June 05, 2001 Category: Customer Dispute Allegations: CUSTOMER CLAIMS NEGLIGENCE, BREACH OF FIDUCAIARY DUTY AND VIOLATION OF STATE LAW IN CONNECTION WITH ALLEGED ADVICE RELATING TO THE SALE OF STOCK RECEIVED THROUGH THE CUSTOMER'S EXERCISE OF EMPLOYEE STOCK OPTIONS IN A COMPANY OF WHICH HE WAS A FOUNDER AND DIRECTOR. Damage Amount Requested: $13,000,000.00 Damages Granted: $66,000.00 Broker Comment: THE ONLY TRANSACTIONS IN THE CUSTOMER'S ACCOUNT WERE THE UNSOLICITED EXERCISE OF EMPLOYEE STOCK OPTIONS AND THE SUBSEQUENT SALE OF THAT STOCK IN THE FACE OF MARGIN CALLS. THE ARBITRATION PANEL APPARENTLY REJECTED CLAIMANT'S PRINCIPAL THEORY OF LIABILITY AND, IN EFFECT, RETURNED THE COMMISSIONS CHARGED BY PSI TO THE CUSTOMER ON THE MARGIN LIQUIDATIONS ($66,000). THE AWARD ALSO HELD THE CUSTOMER RESPONSIBLE TO PSI FOR THE DEBIT BALANCE IN HIS ACCOUNT($16,380.), THERBY ALLOWING PSI TO KEEP MARGIN INTEREST EARNED IN EXCESS OF $100,000.
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