FINRA barred Southern California broker Darryl Cohen, most recently of Morgan Stanley in Westlake Village, during an investigation into allegations of mismanaging investor accounts and selling away through unauthorized loans to third parties. A handful of pending customer disputes seek damages in excess of $9 million.
Darryl Matthew Cohen (CRD #2786613)'s bar, which is set to take permanent effect on February 16, 2022, follows Morgan Stanley's 2021 firing based on allegations of unauthorized and undisclosed outside client business.
The multiple disputes filed against Cohen allege unsuitable recommendations, misrepresentation in relation to an outside business investment, and payments made without prior approval.
Morgan Stanley also claimed that Cohen used an unapproved platform to engage in inappropriate communication with clients. For example, if a broker or investment adviser fails to correspond with a customer through approved channels, such as through a firm e-mail address, it makes the firm's ability to supervise its broker more difficult and could also prevent the firm from maintaining accurate books and records, as required by FINRA rules.
An Advsiorhub report indicates Cohen's complaints largely originate from investors who were former professional athletes, including a prominent basketball player. Prior to his 2015-2021 stint at Morgan Stanley in Westlake Village, Cohen was registered with Wells Fargo Advisors (also Westlake Village, CA).
If you invested with former Morgan Stanley broker Darryl Cohen or with any investment adviser or registered representative who improperly sold you products away from their firm, or unsuitable recommended and misrepresented an excessively risky or financially damaging product which resulted in losses, please call an experienced FINRA arbitration attorney at The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for an investigation and consultation.