Brian Sak—Outside Business Activity

California stockbroker fraud attorneyBrian Carey Sak Allegedly Engaged in an Outside Business Activity without Proper Prior Approval by Morgan Stanley

Brian Sak allegedly engaged in an outside business activity without approval by Morgan Stanley, according to a recent FINRA Letter of Acceptance, Waiver and Consent (AWC) currently under review by attorneys Alan Rosca and James Booker.

Brian Sak’s BrokerCheck Report also reports that Morgan Stanley purports that Sak was fired from his position for allegedly taking part in an outside real estate investment with a client that was not appropriately disclosed to the firm.

Sak’s BrokerCheck Report further reports that Brian Sak has one customer complaint which alleges that he sold a promissory note involving real estate and that Sak recommended that the client invest in an outside real estate investment opportunity of which the Sak was a manager from 2011 to 2014.

Furthermore, the BrokerCheck also alleges $250,000 in damages and that the dispute is currently pending.

What is more, In addition, Sak also disclosed a civil judgment of $2,355, his BrokerCheck also states.

The Peiffer Rosca Wolf securities lawyers are currently investigating Brian Sak’s alleged outside business activity.

Brian Carey Sak Barred by FINRA; Allegedly Failed to Provide Documents to FINRA

On July 22, 2016, FINRA Staff sent a request to Brian Sak for on-the-record testimony pursuant to FINRA Rules during the course of FINRA’s investigation into allegations that Sak, without Morgan Stanley’s approval, allegedly solicited a client to invest in an outside business activity, according to the aforementioned AWC currently under review by attorneys Alan Rosca and James Booker.

The AWC further notes that FINRA requested that Sak provide documents and information, according to FINRA Rules, by August 5, 2016.

Sak acknowledges that he received FINRA’s request but allegedly responded that he would not appear for on-the record testimony at any time, and hence, violated FINRA Rules and has been barred by FINRA, the AWC reports.

Sak entered the securities industry in 1999, and, from June 2009 until June 2016, Sak was registered with Morgan Stanley from the firm’s Deerfield, Illinois office location, the AWC states.

One should also note that, according to the AWC, Brian Sak neither admitted nor denied the FINRA findings.

Securities Lawyers Investigating

The Peiffer Rosca Wolf securities lawyers often represent investors who lose money as a result of alleged acts of unapproved securities transactions and are currently investigating Brian Sak’s outside business activity without proper prior written notice. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.

Investors who believe they lost money as a result of Brian Sak’s outside business activity without proper prior written notice may contact the securities lawyers at Peiffer Rosca Wolf, Alan Rosca or James Booker, for a free no-obligation evaluation of their recovery options, at 888-998-0520 or via e-mail at arosca@prwlegal.com or jbooker@prwlegal.com.

Alan Rosca (1123 Posts)

Alan is a securities lawyer. He also teaches Securities Regulation at the Cleveland-Marshall College of Law. He focuses his legal practice on complex commercial and financial litigation and arbitration, particularly in the areas of securities and investment fraud. His office is in Cleveland, Ohio.


In our legal system, every person is innocent until and unless found guilty by a court of law or a tribunal. Whenever we reference “allegations” or charges that are “alleged,” such allegations or charges have not been proven, and are merely accusations, not findings of fault, as of the date of the blog. We do not have, nor do we undertake, a duty to continue to monitor or follow cases about which we report, and/or to publish subsequent blogs regarding various developments that may occur in such cases. Readers are encouraged to conduct their own research regarding any such cases and any developments that may or may not have occurred in such cases.