FINRA Bars Former Morgan Stanley Advisor Eric Kleiner for Refusing to Provide Required Records

The Financial Industry Regulatory Authority (FINRA) has barred former Morgan Stanley advisor Eric Kleiner (CRD #4135180) after he refused to provide documents and information requested as part of an investigation into his termination and alleged misconduct.

According to a Letter of Acceptance, Waiver, and Consent (No. 2024084330501) signed in October 2025, FINRA sought materials related to Morgan Stanley’s decision to terminate Kleiner for alleged violations involving unapproved investments, failure to disclose outside activities, and unauthorized disclosure of confidential firm information through a personal device. Kleiner, through counsel, informed FINRA he would not comply with the requests.

FINRA found that his refusal violated Rules 8210 and 2010, which require full cooperation in regulatory investigations and adherence to high standards of commercial honor. He was barred from associating with any FINRA member firm in all capacities.

Multiple Investor Complaints

Kleiner’s BrokerCheck record lists several recent customer complaints alleging that he recommended outside investments not authorized by Morgan Stanley.

• A June 2025 complaint alleges he recommended an unapproved outside investment; damages are unspecified and the complaint remains pending.
• A May 2025 complaint also alleges he recommended a firm-unauthorized outside investment, with $400,000 in claimed damages.

These complaints reflect a pattern of conduct commonly associated with “selling away,” a serious breach that exposes investors to unvetted and often high-risk products.

Termination from Morgan Stanley

Morgan Stanley terminated Kleiner in March 2025, citing:

• Recommendations involving restricted or non-approved investments
• Failure to disclose outside investments
• Use of a personal device to transmit confidential, internal-use-only firm information

Such conduct not only violates internal supervisory rules but also creates significant risk of financial harm to investors.

Industry Background

Kleiner held 25 years of industry experience, including prior registrations with Wells Fargo Advisors and Prudential Securities. He is no longer licensed as a broker.

Silver Miller Represents Investors in Selling-Away and Outside Investment Cases

If you invested with Eric Kleiner or Morgan Stanley and believe you were recommended an unapproved or improperly vetted investment, you may be entitled to pursue recovery.

Silver Miller represents investors nationwide in claims involving:

• Selling away
• Outside business activities
• Unapproved or fraudulent investment recommendations
• Failure to disclose conflicts of interest
• Broker misconduct and supervisory failures

Our attorneys pursue compensation through FINRA arbitration and civil litigation.

Contact Silver Miller for a free, confidential consultation. We work on a contingency fee basis, meaning you pay nothing unless we recover funds on your behalf.