A customer dispute filed on 6/2/2023 alleged that funds were withdrawn from her account from September 1, 2022, to February 3, 2023, without her knowledge. Morgan Stanley Wealth Management settled this dispute for $395,710.21.
Adusei voluntarily terminated his employment on 7/24/2024 following allegations of “concerns relating to a client complaint alleging representative made unauthorized transactions in her Morgan Stanley account, possessed her Morgan Stanley online login information, and solicited her participation in an outside residential property investment.”
Shortly thereafter, another customer dispute filed on 12/8/2023 included allegations of unsuitable recommendations from December 3, 2021, through November 6, 2023. This claim is listed as “pending,” and the client requests damages of $100,000.
FINRA initiated an investigation and sent requests for information to Adusei. A Notice of Suspension and Suspension from Association letters dated December 14, 2023, and January 8, 2024, were sent, and Adusei failed to respond. On March 14, 2024, FINRA suspended Adusei from association with any member. After Adusei failed to request the termination of his suspension, he was automatically barred in all capacities.
Morgan Stanley Smith Barney, LLC and Morgan Stanley Smith Barney Financing, LLC filed an arbitration action against Adusei for breach of promissory note. Adusei failed to file an answer, did not appear, and did not sign the submission agreement. He also failed to register and use the online DR portal to accept service of the documents related to the arbitration.
FINRA awarded both Morgan Stanley entities $642,892.83 in damages from Adusei with 9% per annum interest from December 21, 2023, until paid in full. Adusei is also responsible for paying $1,350.00 to reimburse Morgan Stanley for the non-refundable part of the arbitration filing fee.
On 2/28/2024, FINRA issued a second suspension to Adusei for failing to comply with an arbitration award and responding to a request. The suspension is in place until Adusei complies, and the award is paid in full.
Did You Invest With Kwame Adusei?
Silver Law Group represents investors in securities and investment fraud cases. Our lawyers are admitted to practice in New York and Florida and represent investors nationwide to help recover investment losses due to stockbroker misconduct. If you have any questions about how your account has been handled, call to speak with an experienced securities attorney. Most cases are handled on a contingent fee basis, meaning that you won’t owe us until we recover your money for you. Contact us today at (800) 975-4345 and let us know how we can help.