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3.0 12 Reviews

Morgan Stanley Smith Barney Complaints Summary

6 Resolved
6 Unresolved
Our verdict: While Morgan Stanley Smith Barney has an above-average resolution rate, there’s room for improvement. Investigate common issues reported by customers and understand how they were resolved. Be prepared to follow up on your queries if needed, and keep detailed records of all interactions.
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Morgan Stanley Smith Barney reviews & complaints 12

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3:39 am EST

Morgan Stanley Smith Barney E-trade selling my shares when all my accounts on jan 25 2023 went from $409,000 to $233,000 range.

I had 0n 1-25-23 @ 0409 hours $409,000 range by 0800 hours I had $309,000. I called my elite trading team member Adrew Costello former law enforcement officer in Florida and he stated that my $100,000 money transfer was funded before 0930 hours. e-trade in my broker account ending #1170 had insufficient funds and e-trade started liquidating my account. It appears that E-trade brokers are upset that I traded symbol QSEP

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2:36 pm EDT
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Morgan Stanley Smith Barney Backlog for Estate Processing

Dad died Dec. 28, 2014. MSSB contacted immediately to set up the estate account and establish the inherited IRAs. All the paperwork was delivered by the end of April. Phone calls to the "Client Advisory Center" every 2 weeks flip flop with "we have everything" to "we are missing". Duplicate forms submitted by mail, fax and e-mail on multiple occasions. Amazingly we have managed to dispose of a house and car, collect insurance proceeds, and all other aspects of the estate FASTER than MSSB can transfer assets in its estate department due to "backlogs". Is there any standard that they have to meet? What is the right agency to contact to encourage them to process anything professionally? The person responsible has returned NO phone calls. The random person answering the phone calls has to read the looooong file before being able to talk to me. It should be criminal to fail to process estate claims in such a manner. My sister's medical bills are piling up, and her lousy $10, 000 share would be such a help to her. This is the Richard Sargeant Estate, [protected].

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3:38 am EDT
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Morgan Stanley Smith Barney eviction from account

after buying income securities investments with Salomon Smith Barney since 2002, the new owners are evicting me because I live in Thailand, a country on their blocked list., they blocked my account and gave me a too short deadline to transfer to another financial institution.I am worried what they could do to my bonds, cash, and ATM card access. in legal terms its called account termination, but for no fault of mine.
I live in Thailand and my email address is [protected]@yahoo.com. I am a small investor, retired, age 70, living on dividend income and social security

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4:57 am EDT
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Morgan Stanley Smith Barney Marion Stanford Macmillan, Stockbroker

I hope you can help me or refer me to someone who can. I now live in Malaysia and before that Thailand with spouse. Our Stockbroker was hosted to four all paid luxury trips to my spouses 5 star resorts he was GM of.
This was [protected]. In 2000 I discovered spouse had forged my name off 6 portfolios at Solomon (back then) SB. The letter ordering Stanford to "combine all 6 portfolios into a singular account" was written in 1997 and only in 2004 could my British lawyer get this letter as they totally refused to deal with me., The amount is about USD800, 000
My spouse is even the godfather of Stanford's son. Illegal collusion is blatant. I have been working 7 days a week since 2000 when spouse abandoned me in Malaysia and am 100% physically disabled. We are married 34 years with two adult kids. I want to file criminal charges against this stockbroker as well as civil charges incl punitive damages. I spent from Feb [protected] trying to convince senior SSB executives in other branches incl their corp one to take action. My spouse had told them I was psychotic so no one ever talked or wrote to me. I felt it was a "good old boys network, too" from some of the comments made to me. I have proof I was not even on the same continent as spouse when that letter supposedly was signed by me.
Can you please tell me how to file charges? Should I contact the SEC? Can I file with the local Spgt police? I am desperate for money as I have been given less than one year to live unless I have a major spine surgery. There is a High Court Warrant of Arrest on my spouse as I won a Court Judgement against him in 2003 but he fled this country and now lives in Indonesia where there is no extradition treaty with Malaysia. He is a Lebanese national, who naturalized as an American in 1983 although he kept his Lebanese passport and travels on it which is forbidden. He has a long history of embezzlement charges and history. I do have a lot of proof. I followed spouse to Asia because he could not keep a job in the US, but I never wanted to come here.
Stanford has also told my parents, siblings, former business associates in Sptg where I was on Faculty as USCS that I am an alcoholic, drug addict and psychotic.
Not true of course. Since 2000 I am the Director of The Expat Group Malaysia, and a widely published writer. Check out www.theexpatgroup.com. Many thanks indeed for ANY help you can give me.

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6:57 pm EDT
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Morgan Stanley Smith Barney Mishandling account and excessive fees

Be very careful or you will get taken advantage of. If you are a big investor with lots of money, they may take better care of you, but if you are just a normal person with a modest savings and retirement portfolio, they won't work very hard for you. Don't expect prompt return phone calls or emails unless you constantly follow up, like 5 or 10 times.

Make sure to put everything in writing and document everything. Every conversation and every request for a transaction. That way when they ignore your request you have something to stand on.

Watch the fees charged very carefully. They charged us for 3 accounts AFTER we closed them down!

Basically, last August, the MSSB guy came to the house and was told to move money and send a prospectus of what we discussed buying. A few weeks later I still didn't get anything so I tried to get in touch with him. Since he never responded to emails, I called and he says “oh, the money’s moved but I didn’t send anything because we decided you shouldn’t buy now”. Ok…Jan 1st comes, I’m working on my taxes when I realize MSSB never moved the money in August. I called the next day and MSSB guy says “I don’t know how that could be, I’ll check it out and get back to you.” Three days go by…no phone call…so I called his boss. He doesn’t know anything about this and asks "why didn’t I tell him", -well what do you think I’m doing? Then he has the nerve to send an email to me, ccing his legal dept, which he states what my investment strategy and motivations for moving my money are….never once does he address the issue or problem. This is now 6 days after the first phone call….and my money is still not moved. We immediately began the process of closing our MSSB accounts moving our money to any place but MSSB only to be charged for 2012 fees and transfer fees to the tune of $500. When we asked to get the 2012 fees returned (which they are not entitled to), legal wants us to sign a release making us promise to never talk about this in public!

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8:36 pm EST
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Morgan Stanley Smith Barney Retaliatory Fees

My companion and I have been clients of (nee) Smith Barney for over 15 years. With the retirement of our long-time Financial Advisor and his replacement by one Stephen Gottlieb, and the subsequent acquisition of smith Barney by Morgan Stanley, we were subjected to a decreasing level of service and an increasing level of fees. My partner withdrew her substantial investments in December. Because I had closed my IRA in 2009 to purchase a retirement home, and had been essentially out of work for over a year, my two money market accounts had dwindled to very small amounts. I was shocked to find in January, without forewarning, that MSSB had deducted annual fees from each of my accounts, something they had never done before. The final straw: Last week my companion wrote me a check (of less than $500) in order to close her remaining money market account; when the check was presented for payment, MSSB immediately deducted the anuual fee from her account, causing the check to be an overdraft. We were both charged overdraft fees. In our attempts to communicate, it has become evident that Stephen Gottlieb believes that such retaliation makes for good customer relations.

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Business Ethics
San Jose, US
Apr 16, 2011 8:16 pm EDT

You can file complaints with FINRA, the SEC, and your state government department responsible for corporate or securities regulation. The FINRA website, investor conplaints is located at http://www.finra.org/Investors/ProtectYourself/p118628 . This is not your problem, it is the brokers and brokerage problem. Other investors depend on you following up with the appropriate regulatory agency to provide all of us with the history of individual brokers and brokerage firms. The complaint history is publicly available. FINRA can also advise you of arbitration or mediation procedures. They may have broken the law and of course they will attempt to ignore you in hopes that you'll go away. This is typical of many corporations and unethical businesses. Persist with your complaints to the regulatory authoritys and look into taking your business elsewhere after this is resolved. It is never a good idea to entrust your money and continue to work with unethical and possibly illegal operations with no legitimate way to resolve complaints and no supervision of unscrupulous brokers, of which there are countless numbers. Overall the statistics show that the happiest investors are those with self directed accounts. The less interference from a "financial advisor" the better. They aren't really advisors they are salesmen whose interest is themselves and their employer not you. Fidelity has excellent research (better than any you'll get from an "advisor") and a great website with low costs. Don't continue to pay for something that not only adds no value to your portfolio but puts your assets at risk, legally and financially.

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5:56 pm EST
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Morgan Stanley Smith Barney Account taken out of st. Louis

Because I voiced criticisms about their management of my account and said I was over - charged and told them that they did not communicate clearly to me: both the broker and the un it manager binded together to send my accoun t to a new york address and an account with no personal broker. Who can I contact to protest tbhis harassment, inside or outsider smith barney and st. Louis?

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Stay Balanced
Palm Beach, US
Dec 25, 2010 6:33 pm EST
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They just don't want to do business with you, so what? They sent your account to a "call center" where you will be serviced by a team of advisors. You will not have much of a personal relationship, but relationships work both ways.
I am sure they cringed every time the sales assistant said you were on the phone again. Did they do anything right? Sounds like you are the one harassing them! My advice, if you want a "personal broker" you need to learn how to be more personal. No one will work with you if you are " a problem client" It is just not worth working with you. So change the way you treat them and you will be treated better. Best wishes.

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12:15 am EST
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Morgan Stanley Smith Barney Fraud

Completely fraudulent company, Kern County District Attorney called them a "criminal enterprise". If you are a debtor, do not send them any money, they don't have any on staff lawyers, they can't do anything to you, they are a bunch of dirtbags that set up some shady call center. You can just laugh at them if they threaten you with anything. If you are a creditor, do not contract with them, they are not a bonafide company, they will take your past due accounts, harrass them, collect what they can and never pay you a dime. You will be left with a bunch of pissed off former clients. They will try to tell you that they need some up front money to initiate litigation. Do not deal with these people at all. If you have any dealings with these dirtbags, contact John Mitchell, Kern County California DA.

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Update by Hands off my wallet
Nov 11, 2010 12:24 am EST

These guys are formerly Maxwell, Turner and Associates, -total criminals. Check out the website, it looks like the cast of a reality tv show. No collection agency staff looks like that, anyone with half a brain can see right through that. Collections agencies are the lowest bottom feeders in the business world, they are not well groomed, good looking professionals, they are quasi- human roaches. The good news is, these people are very dumb. I have a friend in anaheim law enforcement and she told me the FBI is planning on moving in on these people any day. Federal Prison will be a nice conclusion to this chapter.

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10:40 pm EDT
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Morgan Stanley Smith Barney illegal scam outfit

Stanley, morgan & associates is the same company as maxwell, turner & associates. paul anthony vasquez dba maxwell, turner & associates aka advanced recovery management was recently shut down by kern county district attorney john t. mitchell. there are thousands of complaints against them. if you are contacted by "stanley morgan" you should contact mr. mitchell immediately. you will be asked to send money to collect money and you will never see it again. look up the case yourself.
Case number: s-1500-cv-268634
Case title: the state of california vs. maxwell, turner & associates
Case type: other civil complaint
Filing date: 10/15/2009
Filing location: metro division, 1415 truxtun
Case status: pending 10/15/2009 10:36:14 am
date action
6/15/2010 miscellaneous filing plaintiff 1 notice of entry of preliminary injuction with asset freeze
6/14/2010 preliminary injunction defendant 1 with asset freeze.
preliminary injunction plaintiff 1 with asset freeze.
preliminary injunction defendant 3 with asset freeze.
preliminary injunction defendant 2 with asset freeze.
order to show cause re: preliminary injunction with asset freeze.
the above entitled cause came on regularly at this time today for hearing with parties and counsel present as follows:
the people of the state of california (pl-1) appears by john t mitchell.
no appearance by counsel for defendants or defendants.
*
the court makes the following findings and orders:
motion for preliminary injuction with asset freeze is granted.
order is submitted for review and signature.
5/28/2010 notice of ruling defendant 1 re; quintana law group, apc's motion to be relieved as
Counsel for defendant maxwell, turner & associates, inc's
And; notice of temporary restraining order and order to
Show cause re: preliminary injunction; exhibits

Filed by andres f. quintana, esq

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tina3322003
, US
Oct 09, 2017 10:31 am EDT

I just received the same email today! It was worded exactly as the post above this. This is awful. Someone may fall for this.
Tina Grisham

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masokolo
, US
May 04, 2017 10:08 am EDT
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my name is maria sokolowski
I just received a email exactly as the previous posted. get these ###!

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sandra daniell
, US
Mar 31, 2017 3:32 pm EDT
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i just recieved this email myself i know if is a scam but
here is a copy of it:

My name is Attorney Stanley Morgan.
I AM FROM MORGAN & ASSOCIATE LAW FIRM and reason of this email is to inform you that, you are listed as the primary subject in a question regarding a case being downloaded. The case is to be executed by today.

The nature of this email is to ascertain your attorney’s information.

Let me relay all the information’s from the affidavit first,

US CASH ADVANCE is pressing charges against "xxxxxxxx" regarding three allegations

1. Violation of Federal banking regulation

2. Collateral check fraud

3. Theft by deception

===============================================

The affidavit states that "xxxxxxxx" was monitored online using email address in order to solicit funds from a website owned and operated by U.S CASH ADVANCE. The funds were successfully transferred in to your bank account utilizing an interstate EFT which stands for an Electronic Funds transfer.

When they attempted to extract the funds back as repayments the EFT was returned constituting a worthless electronic check. As of now rather than chasing you for money they have simply decided to write this money as loss and declare it to be stolen as well as press charges against you in the state

For you this means TWO things.

1. If you are on any state supervised probation on pay role you will need to contact the officer and make them aware of what you have done.

2. If you have any prior convictions including but not limited to worthless checks, grand theft or money laundering please be aware they will handle your case as that of an habitual offender as your state is zero tolerance state.

This is also to inform you that the creditor has all the rights and authorities to inform the employer about what you have done in the past and what will be the results once the case in downloaded the entire cost incurred to execute the legal charges against you is $15483 which will be levied on you please beware this excluding your bail charges, attorney charges and the due amount.

Finally you do have a right to an attorney. If you don’t have one or you cannot afford one then one will be appointed to you. Please make sure that you have someone to get out when judge hears your case.

If you want to stop legal proceedings than you need to contact: stanleymorgan002@gmail.com

Attorney Stanley Morgan
(Head Attorney)
Morgan and Associates L.L.C.
7300 College Blvd, Ste 170
Overland Park, KS 66210.

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Greg Nicola
, US
Feb 01, 2017 11:36 am EST

Just received an email, essentially bullying me into contacting them. It was from Stanley Morgan and associates in Overland Park Kansas. They stated that a matter, already resolved, is not resolved and they plan to file charges against me and suggest that I attained an attorney because the original charge of $300 is now gong to cost me $15, 000+. Thank goodness for the internet so I could research these people, since I unfortunately get scammed often. Thanks complaints board!

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Shannon Measaw
, US
Feb 27, 2017 2:13 pm EST

I just got the same email today. I supposedly borrowed money from US Cash Advance and they are taking me to court for check fraud and theft. I never have borrowed money other than from my parents.

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12:58 am EDT
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Morgan Stanley Smith Barney Elder Abuse

My 99 1/2 year old mother had her retirement account at Smith Barney. Her account manager was told by both her and I in a face to face meeting that she wanted no risk securities and CDs. This week when her account was liquidated to buy an annuity, it was discovered that her account had shrank in value by one third and a significant portion of her money was in... stocks. Which they were specifically told not to do. Just what a 99 1/2 year old woman needs, gambling her money on the stock market during the worst economic downturn since the great depression.

Way to go Smith Barney!

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Morgan Stanley Smith Barney - Endless fees

MSSB increased their fees without clear notice in a manner that most investors would understand. There were also disappearances of small amounts from my account, with codes nobody seemed to understand. Then suddenly, without clear notice, they started selling securities to cover a new "low balance" fee. Nobody explained that I could combine my accounts to...

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Morgan Stanley Smith Barney fruad

Morgan Stanley lost my companies 401k saving for all our employees.
We were told it would be a safe investment rated AAA
We did not choose anything aggressive in terms of investing. It was supposed to be secure most importantly a safe investment. Morgan Stanley made reckless trades, some trades consisted of selling and rebuying the same investment. They did this to make a commission on the sale and purchase of the same instrument.
There was no point in the buy and sale. It made no money for us, but each time they did that we had to pay the commission fee.

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Plumbus
, US
Jun 22, 2017 11:27 am EDT

It is so irritating how big companies like banks think they can do whatever they like without facing the consequences
I hope they got what they deserve

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SMS Miller
Phoenix, US
Aug 02, 2009 11:45 pm EDT

I am an ex-Morgan Stanley employee. The amount of risks that the firm takes with systems that cant handle the financial products are amazing to even me. The risk management department is understaffed with poor leadership and black boxes everywhere. The books are confusing and the systems are so outdated that giving your money to Morgan Stanley is a risk in itself. Dont trust this firm, it looks great on the outside, due to their tactics on manipulation of capital markets trading. The leaders are crooks and so are their employees who are lifers there. I really found it disgusting to work in such an environment, I hope they go under, or change their management including firing the MDs in all the major areas, especially Institutional Trading and Risk Management.

By the way, FINRA and SEC are so idiotic, they dont know wtf is going on in the front lines. These regulators are window dressers and the FRB wants financial firms to fail so they can lend money WITH INTEREST to ailing financial firms, its a scheme. The FRB also does not have a strict oversight method nor will plan on doing so, why? Cause Interest is the name of the game for the FRB, this is how international bankers profit from world chaos. Keep at it Morgan, they create cashflow for the FRB, FINRA and SEC.

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Advisor
Rancho Cucamonga, US
Jul 14, 2009 3:52 pm EDT

Cyan,

My condolences to you and your company. As an advisor, if everything that you are stating is accurate, what Morgan Stanley did is unethical and illegal. They can not continuously buy and sell securities to generate commissions for themselves. If you haven't already, I would contact the SEC and also FINRA and let them know what is going on.

Sincerely,

Chris

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