A Finra arbitration claim has been filed against US financial institution Morgan Stanley after one of its agents made unsuitable investment recommendations to an inexperienced investor.

The Texas-based elderly investor sustained over US$500,000 in losses pertaining to structured products, master limited partnerships (MLPs), other oil and gas equities, and investments governed by Harvest Volatility Management’s collateral yield enhancement strategy (CYES). The CYES is described as an options overlay strategy using an ‘iron condor’ approach involving both puts and calls on the S&P500 index, and requires margin usage. Shephard, Smith, Edwards & Kantas,

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