Advisor Alert: Our Attorneys Are Investigating Richard Jay Bernstein For Investment Fraud
Did You Lose Money Because of Richard (RJ) Bernstein?
Filed: February 2, 2024
Richard Bernstein (also known as RJ Bernstein) has been the subject of eight (8) customer complaints. As an investor, you may be entitled to compensation for losses accrued due to mismanagement of your investments.
Let’s begin our Patil Law Advisor Alert with a summary report on Richard Jay Bernstein.
Who Is Richard Jay Bernstein of Wells Fargo Clearing Services, LLC?
- Advisor Name: Richard Jay Bernstein
- Aliases: RJ Bernstein, Richard Jay Berstein
- CRD: 1113777
- Location: Los Angeles, California and Incline Village, Nevada
- Current Employer: Wells Fargo Clearing Services, LLC
- Previous Firms: Morgan Stanley and Morgan Stanley & Co. Incorporated
- Number of Known Customer Complaints: 8
- Can Richard Bernstein Be Sued: Yes, in Private Arbitration
- Can Richard Bernstein’s Employers Be Sued For Failing to Supervise Actions: Yes, in Private Arbitration
- Highest Damages Allegation: $600,000
- Highest Settlement: $91,200
If you have suffered investment losses by Richard Bernstein, we strongly encourage you to exercise your rights to experienced legal representation. Recover what is owed to you by retaining a breach of fiduciary duty lawyer. Reach out to the legal team at Patil Law, P.C. via the secure online form or call the firm directly toll-free at 1-800-950-6553.
Customer Complaints Filed Against Richard (RJ) Bernstein For Broker Misconduct
As of this publication date, Richard Bernstein has been the subject of 8 customer disputes. Let’s review them below.
In February 2019, a FINRA arbitration was filed against or in reference to Richard Bernstein by a customer of Morgan Stanley alleging, inter alia, that from February 2013 to July 2015 Mr. Bernstein made unauthorized trades which conflicted with the client’s stated investment goals. On July 29, 2020, Mr. Bernstein settled the claim for $15,000, and some or all of this amount may have been paid by Mr. Bernstein’s employer and/or insurance carrier.
In January 2019, a FINRA arbitration was filed against or in reference to Richard Bernstein by a customer of MSSB alleging that from 2015 through 2016, Mr. Bernstein made unsuitable investments. Per the customer, he/she lost over $175,500 because of Mr. Bernstein’s actions. On March 19, 2020, Mr. Bernstein settled the claim for $24,500, and some or all of this amount may have been paid by Mr. Bernstein’s employer and/or insurance carrier.
In December 2009, a complaint was filed against or in reference to Richard Bernstein by a customer of UBS Financial Services Inc. alleging that Mr. Bernstein purchased a high risk mutual fund without the client’s permission after the client gave instructions to only purchase “safe securities.”. Per the customer, he/she lost over $25,555 because of Mr. Bernstein’s actions.
In November 2008, a complaint was filed against or in reference to Richard Bernstein by a customer of UBS Financial Services Inc. alleging that Mr. Bernstein failed to follow his client’s instructions to liquidate the client’s accounts as was specifically directed. Per the customer, he/she lost over $14,306.20 because of Mr. Bernstein’s actions. On February 17, 2009, Mr. Bernstein settled the claim for $5,792.72, and some or all of this amount may have been paid by Mr. Bernstein’s employer and/or insurance carrier.
In October 2008, a complaint was filed against or in reference to Richard Bernstein by a customer of UBS Financial Services Inc. alleging that Mr. Bernstein purchased unsuitable securities in the client’s account. Per the customer, he/she lost over $5,000 because of Mr. Bernstein’s actions.
In March 2008, a complaint was filed against or in reference to Richard Bernstein by a customer of UBS Financial Services Inc. with allegations about the sale of an auction rate security (ARS) that was made prior to the widespread illiquidity in the ARS market that occurred in February 2008. On December 23, 2008, Mr. Bernstein settled the claim for $50,000, and some or all of this amount may have been paid by Mr. Bernstein’s employer and/or insurance carrier.
In June 1994, a complaint was filed against or in reference to Richard Bernstein by a customer of Smith Barney Shearson, Inc. alleging unsuitable investments, loss of income, unauthorized trade, losses, lost income, breach of fiduciary duty, and failure to follow instructions. Per the customer, he/she lost over $60,000 because of Mr. Bernstein’s actions. An arbitration panel found that Richard Bernstein was negligent and awarded $91,200 in favor of the customers.
In December 1992, a complaint was filed against or in reference to Richard Bernstein by a customer of Prudential Securities, Inc. Per the customer, he/she lost over $600,000 because of Mr. Bernstein’s actions. An arbitration panel found that Richard Bernstein was negligent and awarded $31,300 in favor of the customers.
How To File A Claim Against Richard (RJ) Bernstein of Wells Fargo Clearing Services, LLC (previously with Morgan Stanley and Morgan Stanley & Co. Incorporated) To Get Your Money Back
If you have questions about Richard Bernstein, Wells Fargo Clearing Services, LLC, Morgan Stanley, Morgan Stanley & Co. Incorporated, or the management or performance of your accounts, please contact Attorney Patil for a free initial consultation via email or toll-free at 1-800-950-6553.