Broker Investigation: Randall Hayes

Randall Robert Hayes (CRD#: 2224997) was formerly registered with FINRA as a broker and an investment advisor. From 2009 to 2016, Mr. Hayes was employed at Morgan Stanley in Seattle, Washington. This broker has also been associated with Citigroup Global Markets and Lehman Brothers.

Earlier this year, the Washington State Department of Financial Institutions launched an investigation into allegations that Randall Hayes promoted unsuitable investments to Morgan Stanley customers. Here, our securities fraud lawyers review the allegations raised by Washington state regulators.

Regulatory Investigation: Former Morgan Stanley Broker Randall Hayes

On March 14th, 2018, the Washington State Division of Securities issued a statement of charges against former Seattle-based Morgan Stanley broker Randall Robert Hayes. According to the allegations raised by Washington securities regulators, Mr. Hayes made unsuitable investment recommendations to his customers. Specifically, Mr. Hayes is alleged to have recommended unsuitable leveraged and inverse exchange traded funds (ETFs). These are highly risky and speculative securities products that are not appropriate for most retail investors.

Washington regulators are seeking penalties against this broker, potentially including a cease and desist, the cancellation of his Washington state securities registration, and the assessment of fines/costs. This case is currently still pending. FINRA records note that Mr. Hayes has the right to request an official hearing regarding the charges.

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