Did You Lose Money in Options Trading with Anthony Gallea?

MDF Law is currently investigating customer complaints against North Carolina based financial advisor Anthony Gallea (CRD 713980) who is affiliated with Morgan Stanley and Pelican Bay Wealth Management.  According to records released by FINRA and last accessed on February 23, 2022, Mr. Gallea has been the subject of at least three customer-initiated disputes regarding options trading strategies.

Three Investor Complaints ALL Concerning Options

According to records from the Financial Industry Regulatory Authority, a customer made a written complaint to Morgan Stanley involving Mr. Gallea on September 9, 2021 concerning “misrepresentation[s] with respect to covered call option strategy[1] 2020-2021.”  The customer is alleged to have lost $900,000.  In addition to this complaint, there are also two other complaints on Mr. Gallea’s license dealing with options trading. 

Don’t be Misled – Option Trading is High Risk

Options trading is a high-risk strategy, which may not be suitable for most investors.   Here is some general information about the risks of options programs:

• Investors who write covered calls have “capped” upside with unlimited downside.
• Statistically, overtime “long” positions on stocks will always outperform a covered call strategy.
• Brokerage firms favor options trading programs because it generates lucrative fees in accounts that may otherwise have little to no trading.
• In addition to losing money, investors in options may be forced to come out of pocket to cover losses (i.e. buying back call options).

How Can Investors Recover their Losses?

Investors who lost money with Anthony Gallea, Morgan Stanley or Pelican Bay Wealth Management, may be able to file arbitrations before the FINRA to recover their investment losses.  Our law firm exclusively represents investors in FINRA arbitrations.  Our attorneys have extensive experience with complex options cases and we have helped investors recover over $100 million in losses.  

Process for Recovering Investment Losses

Anthony Gallea Affiliated with Pelican Bay Wealth Management

Pelican Bay Wealth Management is a group within Morgan Stanley that Anthony Gallea is affiliated with.  Mr. Gallea has worked for Morgan Stanley since 2009 and was previously registered with Citigroups Global Markets.  He has been in the securities industry since 1980, starting his career at Lehman Brothers in New York City.  He has a total of three disclosures on his securities license and all three of them are customer disputes related to options trading.

Did You Lose Money with Pelican Bay Wealth Management or Anthony Gallea?

If so, please call us at 800-767-8040 for a free and confidential consultation.  If you decide to hire us, we will not be paid unless we successfully recover money on your behalf.  Don’t delay.