Allen Hershberg, Formerly with Morgan Stanley, Barred from Securities Industry
BEVERLY HILLS, CALIFORNIA
Are you a former client of financial advisor Allen Hershberg in Beverly Hills, California? Our securities arbitration law firm is looking into claims made against Allen Israel Hershberg. According to FINRA, Mr. Hershberg was recently barred from the securities industry by FINRA after he failed to respond to an investigation.
According to the regulatory action filed by FINRA, FINRA sent Hershberg a request for information after he was terminated by his former brokerage firm, Morgan Stanley. The termination occurred in July 2022. Hershberg was accused of recommending unapproved outside real estate investments to customers and others. Generally, advisors must get permission from their brokerage firm to sell or recommend investment products to their customers.
Allen Hershberg was a licensed financial advisor and worked in offices in Beverly Hills, California. He had been licensed with Morgan Stanley from 2005 to July 2022. Hershberg was also the subject of one customer complaint in 2011, which was denied.
Pursuant to FINRA Rules, Hershberg was required to cooperate in FINRA investigations. Likewise, Morgan Stanley must adequately supervise the conduct of its advisors. If it failed to adequately supervise Hershberg or other advisors, the firm could be responsible for financial losses.
Israels & Neuman is an investment fraud and securities arbitration law firm that has represented over 1,000 investors in the past, including investors against Morgan Stanley. We represent investors throughout the country, including in southern California.
If you lost money with Allen Hershberg or Morgan Stanley, contact the law firm of ISRAELS & NEUMAN at (720) 599-3505 or (206) 795-5798 for a Free evaluation of your case.