VICTIM RECOVERY: Losses with ELIAS HERBERT HAFEN of Morgan Stanley – NY
Elias Herbert Hafen, formerly with Morgan Stanley and Wells Fargo, Sentenced to 30 Months Prison
Have you lost money with financial advisor Elias Herbert Hafen, (aka Elias Herbert Niggebrugge) of Morgan Stanley and Wells Fargo in New York, New York? You may be able to recover losses.
The Law Firm of Israels & Neuman is continuing to look into allegations made by the Securities and Exchange Commission (SEC) against Elias Herbert Hafen. The SEC alleged that Hafen stole about $1.6 million from investors. In February 2020, Hafen was sentenced to 30 months in prison.
Hafen was alleged to have recommended that his clients take money out of their accounts from Morgan Stanley and Wells Fargo, and to invest with him, guaranteeing safe return of principal and six percent annual interest. Instead, Hafen simply misappropriated the money and used it for personal expenses.
Elias Herbert Hafen aka Elias Herbert Niggebrugge was a financial advisor and registered representative of Morgan Stanley from 2008 to March 2018. He also worked with Wells Fargo from March 2018 to September 2018. He worked at branch offices in New York City. Hafen was also terminated by Wells Fargo regarding these allegations.
Brokerage firms like Morgan Stanley have a responsibility to adequately supervise all representatives who are registered through their firm. Brokerage firms also must take steps to ensure that their financial advisors follow all securities rules and regulations, as well as internal firm policies. When brokerage firms fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers.
Israels & Neuman PLC is a securities and investment fraud law firm with offices in Denver, Colorado; Ann Arbor, Michigan; and Seattle, Washington. We represent investors in FINRA arbitration in all 50 states, including investors in New York. We have represented over one thousand investors in the past, including against Morgan Stanley and Wells Fargo.