Damian Baird (Damian Mark Baird CRD# 3097243) is a previously registered broker and investment advisor most recently employed with Moors & Cabot, Inc. (CRD# 594) of Boston, MA. His previous employers include Morgan Stanley (CRD# 149777) of Williamsville, NY, UBS Financial Services Inc. (CRD# 8174) of Buffalo, NY, and HSBC Securities (USA) Inc. (CRD# 19585) of Depew, NY. He has been in the industry since 1998.
FINRA Arbitration Involving Damian Baird
Baird was suspended by FINRA following an arbitration proceeding in January of 2023 brought by his previous employer, Morgan Stanley, who alleged that he had failed to repay three notes totaling $888,403.12. FINRA requested documents and information, which Baird failed to produce. He also failed to attend the evidentiary hearing conducted via videoconference.
In his counterclaim, Baird requested punitive damages of $1M, along with attorneys’ fees and costs, and an update to his Form U5 “to reflect an accurate description of his separation” from the firm.
The panel found that Baird was liable for the entire sum requested by Morgan Stanley, along with per diem interest on all three, and most of the related FINRA fees for the filings, discovery, and hearings. This award totals approximately $1,224,928.69.
By March, Baird had failed to pay any of this award. He was then suspended indefinitely pending payment of the $1.2 million, effective 3/20/2023. The suspension will stay in force until the award is paid or otherwise discharged.
Baird also has a tax lien in his CRD, dated 12/22/2021 for $23,815.89, and a customer dispute from 2003 that settled for $49,963.06.
Customer Dispute And The Altered Check
A customer filed a dispute on 3/1/2023 alleging that Baird had attempted to commit fraud. They discovered this when their new financial advisor notified them that although they had an open account, it had not been funded. Their bank’s fraud department then notified them that the check written for $50,000 and given to Baird intended to fund the account was altered to be payable to Baird himself.
Following this discovery, the couple contacted the police departments of Erie County, NY and Tonawanda, NY about the fraud. An investigation began on the same day and is ongoing. The Tonawanda Police Department is handling the investigation, and the case was also referred to the Erie County, NY Assistant District Attorney’s office. This claim is listed as “pending.”
Second FINRA Investigation
On 9/29/2023, FINRA initiated another investigation into Baird’s activities related to the customer complaint of altered checks. This investigation is separate from the previous investigation into his failure to comply with requests to a discovery order for information. Because he did not respond, FINRA’s order levied fines against him.
On January 24, 2024, FINRA issued an amended default decision in its disciplinary action against Baird regarding the altered checks. FINRA received no response from him for either the requests for information or requests to appear for on-the-record testimony for the second investigation after FINRA sent multiple notices to his last known address. The Post Office reported that the residence was “vacant,” and they were unable to deliver the certified mail.
Because Baird did not respond, FINRA permanently barred him from all affiliation with any member, effective 2/26/2024.
Another Customer Complaint Of Altered Check
On 11/23/23, another customer dispute involves an allegation by a client who said they sent checks to Baird for deposit that his firm did not receive. Since it was around the time that he left the employment of Moors & Cabot, the funds were allegedly used elsewhere. While the firm cooperated with law enforcement and FINRA in the matter, the client filed a written request with the firm for damages of $103,950.00. This claim was denied. The CRD record does not indicate if it is the same as the previous complaint or initiated by a different client.
Real Estate Line Of Credit
On 9/13/2023, a client’s counsel alleged that Baird made an unsuitable recommendation for a line of credit for real estate deals, along with fraud and misrepresentation when handling the client’s accounts. This dispute is currently listed as “pending.”
Did You Invest With Damian Mark Baird?
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