Brian Sak Barred After Failing to Respond to FINRA Investigation into Sales of Pebbleford Holdings
We are currently investigating allegations made against Brian Sak, a financial advisor from Deerfield, Illinois who previously worked with Morgan Stanley. In July 2016, FINRA (the Financial Industry Regulatory Authority) brought a regulatory action against Mr. Sak, making allegations that he recommended that a client invest in Pebbleford Holdings, a purported real estate company based in Highland Park, Illinois. It was alleged that he recommended investments in Pebbleford without permission from Morgan Stanley. In December 2016, FINRA barred Brian Sak after he failed to respond to the investigation.
Brian Sak was a registered representative and financial advisor of Morgan Stanley from July 2008 to June 2016. He worked at a branch office in Deerfield, Illinois. According to Sak’s BrokerCheck report, he has been the subject of at least four customer complaints as well, making allegations related to failed real estate investments.
Broker-dealers like Morgan Stanley have a responsibility to adequately supervise all representatives who are registered through their firm, including investments sold by their registered representatives. Broker-dealers also must take steps to ensure that their financial advisors follow all securities rules and regulations, such as to refrain from excessively trading a customer’s account. When broker-dealers 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 Chicago; Denver, Colorado; Ann Arbor, Michigan; and the Seattle area. We represent investors in FINRA arbitration in all 50 states, including over 150 investors in the past from throughout the Chicagoland area, Northern Illinois, and Central Illinois.
We have an office in Chicago, Illinois to better service investors in Chicago and the surrounding suburbs. Attorney David Neuman was born in Berwyn, Illinois and grew up in the western suburbs in Addison. He earned a degree in Finance at the University of Illinois in Urbana-Champaign before earning his law degree at Northern Illinois University in DeKalb, Illinois. Mr. Neuman also previously worked for a number of Chicago area law firms, including firms in St. Charles, Geneva, Chicago, and Barrington. He also previously lived in the Ravenswood neighborhood on the north side of Chicago.
Click to view: Sak, Brian FINRA AWC
Click to view: Sak, Brian BrokerCheck 12.9.16
IF YOU LOST MONEY WITH BRIAN SAK OR MORGAN STANLEY, PLEASE CONTACT US AT 720-599-3505 FOR A FREE EVALUATION OF YOUR CASE.
Israels & Neuman, PLC is a private law firm and is not affiliated with any government or law enforcement agency. Any investigation referenced in this blog is independent in nature and is being conducted by our law firm privately, not in conjunction with any government or law enforcement agency. All information contained in this blog should be deemed statements of opinion derived from the author’s review of public records, not statements of fact. This blog is advertising material and does not create an attorney client relationship, nor does it constitute legal advice. Everyone’s situation is different and the question of whether or not you have a claim will vary on a case-by-case basis. In contingent representation, clients may still be liable for costs.