New York, NY – December 13, 2025 – Eric Brian Kleiner (CRD# 4135180), a former financial advisor with Morgan Stanley, was permanently barred from the securities industry by FINRA in October 2025 after refusing to cooperate with a regulatory investigation. The investigation stemmed from his termination by Morgan Stanley for allegedly recommending unauthorized investments to customers. Kleiner now faces six pending customer arbitration claims and has a troubling regulatory and disciplinary record spanning multiple allegations. This article reviews the publicly available FINRA BrokerCheck disclosure and provides information for investors who may have worked with this broker.
BrokerCheck Snapshot
Name: Eric Brian Kleiner
CRD #: 4135180
Current Status: Not Currently Registered (Permanently Barred by FINRA)
Last Firm: Morgan Stanley (September 2016 – April 2025)
Location: New York, NY
Years in Industry: 25
Number of Disclosures: 11 (1 Regulatory Event, 9 Customer Disputes, 1 Employment Termination)
FINRA Permanent Bar and Regulatory Action
On October 31, 2025, FINRA entered a permanent bar against Eric Brian Kleiner through an Acceptance, Waiver and Consent (AWC) proceeding (Docket #2024084330501). The bar prohibits Kleiner from associating with any FINRA member firm in any capacity.
According to FINRA’s findings, Kleiner refused to provide documents and information requested during an investigation that originated from FINRA’s review of the Form U5 filed by Morgan Stanley. The Form U5 stated that Morgan Stanley discharged Kleiner due to concerns related to:
- Recommendation of non-firm approved and firm restricted investments to customers, including investments in which Kleiner was also personally invested
- Failure to fully disclose outside investments
- Use of a personal device to engage in unauthorized disclosure of confidential, internal use only firm information
The permanent bar took effect on October 31, 2025, and applies to all capacities indefinitely. Kleiner consented to the sanction without admitting or denying the findings.
Employment Termination by Morgan Stanley
Morgan Stanley discharged Eric Brian Kleiner on March 18, 2025 for cause. According to the termination disclosure, the firm cited allegations related to:
- Recommendations to customers of non-firm approved and firm restricted investments
- Investments in which Kleiner was also personally invested
- Failure to fully disclose outside investment activities
- Use of a personal device to engage in unauthorized disclosure of confidential, internal firm information
This termination for cause represents a serious red flag for investors and indicates potential broker misconduct and failure to supervise on multiple levels.
Six Pending Customer Arbitration Claims
Eric Brian Kleiner currently faces six pending customer arbitration claims filed with FINRA in 2025, all alleging similar misconduct involving unauthorized or unsuitable investment recommendations:
Pending Claim 1: FINRA Case #25-02307
- Filed: October 27, 2025
- Allegations: Recommended outside investment security not authorized by Morgan Stanley and unsuitable for claimant (2018-2025)
- Product Type: Equity-OTC and Listed Stock
- Alleged Damages: Unspecified
Pending Claim 2: FINRA Case #25-01202
- Filed: June 11, 2025
- Allegations: Recommended outside investment not authorized by firm (May 2018 – March 2025)
- Product Type: Equity-OTC
- Alleged Damages: Unspecified
Pending Claim 3: FINRA Case #25-00913
- Filed: May 5, 2025
- Allegations: Recommended outside investment strategy not authorized by firm (September 2020 – March 2025)
- Product Type: Equity-OTC and Managed/Wrap Accounts
- Alleged Damages: $400,000
Pending Claim 4: FINRA Case #25-00827
- Filed: April 24, 2025
- Allegations: Investment strategy executed in client’s account was unsuitable (2016-2025)
- Product Type: Managed/Wrap Accounts
- Alleged Damages: Unspecified
Pending Claim 5: FINRA Case #25-00550
- Filed: March 18, 2025
- Allegations: Recommended outside investment strategy not authorized by firm
- Product Type: Equity-OTC
- Alleged Damages: Unspecified
Pending Claim 6: FINRA Case #25-00807
- Filed: April 21, 2025
- Allegations: Recommended outside investment strategy not authorized by firm
- Product Type: Equity-OTC
- Alleged Damages: Unspecified
All six pending claims share a common theme: allegations that Kleiner recommended investments or investment strategies that were not authorized by Morgan Stanley, potentially exposing clients to unsuitable investments and unauthorized risks.
Prior Customer Complaint Resulting in Award
In addition to the six pending claims, Kleiner’s record includes one prior customer arbitration that resulted in an award against his firm:
FINRA Case #09-03489 (2009-2010)
- Filed: June 9, 2009
- Employing Firm: Wells Fargo Advisors, LLC
- Allegations: Fraud, omissions and misrepresentations, common law fraud, fraudulent inducement, unsuitable investments, breach of fiduciary duty, negligence, breach of contract, breach of covenants of good faith and fair dealing
- Product Type: Mutual Funds
- Alleged Damages: $226,865.86
- Disposition: Award
- Award Amount: $90,000 plus interest at 4% per annum
- Resolution Date: July 12, 2010
The arbitration panel found in favor of the claimants and ordered Wells Fargo Advisors to pay compensatory damages. This earlier case involved allegations of fraud and unsuitable investment recommendations related to mutual fund investments made in 2008.
Pattern of Complaints and Serious Red Flags
The pattern emerging from Eric Brian Kleiner’s disclosure record raises multiple red flags:
- Permanent FINRA Bar – A permanent bar is one of the most serious sanctions FINRA can impose and indicates severe misconduct
- Termination for Cause – Discharged by Morgan Stanley for recommending unauthorized investments
- Refusal to Cooperate – Failed to provide documents during FINRA investigation
- Six Pending Arbitrations – Multiple customers filed claims in 2025 alleging similar unauthorized investment schemes
- Personal Conflicts of Interest – Allegedly recommended investments in which he was personally invested
- Prior Award – Previous arbitration resulted in $90,000 award against his firm
These factors suggest a systematic pattern of potentially recommending unsuitable investments, possible investment fraud, and serious breach of fiduciary duty to customers over many years.
Can Investors Recover Losses?
Investors who worked with Eric Brian Kleiner and experienced losses related to unauthorized investments, unsuitable recommendations, or any form of broker misconduct may be entitled to recover their losses through FINRA arbitration.
Even though Kleiner is permanently barred and no longer registered, investors can still pursue claims against the brokerage firms where he was registered when the alleged misconduct occurred, including Morgan Stanley and Wells Fargo Advisors.
Patil Law, P.C. has over 15 years of experience representing investors in FINRA arbitration and securities litigation, with more than $25 million recovered for clients across 1,000+ cases. We provide a free, confidential consultation to review your potential claim. Our firm works on a contingency fee basis, meaning you pay no attorney fees unless we successfully recover money for you.
About FINRA Arbitration
FINRA arbitration is a streamlined dispute resolution process for securities-related claims. It offers a faster, more cost-effective alternative to traditional court litigation. Most cases are resolved within 12-16 months. Claims generally must be filed within six years of the incident, though some exceptions may apply.
Given that Kleiner worked at Morgan Stanley from 2016 to 2025 and at Wells Fargo Advisors from 2003 to 2016, investors who experienced losses during these periods should consult with a securities attorney promptly to preserve their legal rights.
Eric Brian Kleiner’s Registration History
According to his BrokerCheck record, Eric Brian Kleiner was in the securities industry for 25 years. His registration history includes:
- Morgan Stanley (New York, NY) – September 2016 to April 2025 (Discharged)
- Wells Fargo Advisors, LLC (New York, NY) – July 2003 to September 2016
- Prudential Securities Incorporated (New York, NY) – April 2000 to July 2003
Kleiner held Series 7 and Series 63 licenses for broker activities and Series 65 for investment adviser representative activities. He passed his securities exams in 2000 and worked primarily in New York throughout his career.
Related Brokers and Firms
If you lost money working with Eric Brian Kleiner or other registered representatives at Morgan Stanley or Wells Fargo Advisors who recommended unauthorized or unsuitable investments, you may have legal options. Patil Law represents investors with claims involving various forms of misconduct at major brokerage firms.
Unauthorized investments are securities or investment strategies that a brokerage firm has not approved for recommendation to clients. When brokers recommend such investments—particularly when they have personal financial interests in those investments—it can constitute serious misconduct and expose investors to inappropriate risks.
Frequently Asked Questions
What is a FINRA permanent bar?
A FINRA permanent bar prohibits an individual from associating with any FINRA member firm in any capacity for an indefinite period. It is one of the most serious sanctions FINRA can impose and effectively ends a person’s career in the securities industry. Brokers who refuse to cooperate with FINRA investigations often face permanent bars.
Can I still file a claim if the broker is barred?
Yes. Even though Eric Brian Kleiner is permanently barred and no longer registered, investors can still pursue FINRA arbitration claims against the brokerage firms where he worked when the alleged misconduct occurred. Firms can be held liable for the actions of their registered representatives under the theory of respondeat superior.
What are “unauthorized investments”?
Unauthorized investments are securities or investment products that a brokerage firm has not approved for recommendation to clients. Firms maintain lists of approved investments to protect clients from unsuitable or excessively risky products. When brokers recommend non-approved investments, especially for personal gain, it violates industry rules and can constitute fraud.
How do I know if my investments were unauthorized or unsuitable?
Review your account statements and trade confirmations. If you purchased investments you didn’t understand, investments that don’t match your stated investment objectives or risk tolerance, or investments that your broker described as “special opportunities” outside normal channels, these may have been unauthorized or unsuitable. Consult with a securities attorney to review your situation.
What should I do if I lost money with Eric Brian Kleiner?
First, gather all account statements, trade confirmations, and communications with Kleiner. Document the investments he recommended and any losses you incurred. Then contact a securities attorney who can evaluate your potential FINRA arbitration claim. Time limits apply, so it’s important to act promptly.
How long do I have to file a FINRA arbitration claim?
FINRA arbitration claims generally must be filed within six years of the occurrence or event giving rise to the claim. However, various factors can affect this time limit, including when you discovered the losses or misconduct. Consult with a securities attorney promptly to preserve your rights.
About Patil Law, P.C.
Patil Law, P.C. is a securities litigation firm dedicated to representing investors who have suffered losses due to broker misconduct, unsuitable recommendations, and securities fraud. Founded in 2018 by attorney Chetan Patil, the firm focuses exclusively on FINRA arbitration and investment loss recovery.
With over 15 years of combined experience in securities law, Patil Law has successfully recovered more than $25 million for clients across 1,000+ cases. Attorney Chetan Patil earned his law degree from Case Western Reserve University School of Law. Attorneys Gabriela Dubrocq and Patricia Herrera earned their law degrees from University of Miami. The firm handles cases nationwide involving unauthorized trading, churning, unsuitable investments, breach of fiduciary duty, and failure to supervise.
Patil Law works on a contingency fee basis, meaning clients pay no attorney fees unless the firm successfully recovers money on their behalf. All consultations are free and confidential.
Contact Patil Law for a Free Consultation
If you lost money while working with Eric Brian Kleiner at Morgan Stanley, Wells Fargo Advisors, or any other firm, Patil Law, P.C. can help. We offer a free, no-obligation consultation to review your situation and discuss your legal options.
Call us today at 800-950-6553 or email info@patillaw.com.
Our experienced securities attorneys are ready to fight for your rights and help you pursue recovery through FINRA arbitration.
The information in this post is based on FINRA BrokerCheck records and public filings. Eric Brian Kleiner was permanently barred by FINRA on October 31, 2025, and is no longer registered with any securities firm. Allegations described in pending arbitrations are unproven and may be contested. All investors are entitled to fair treatment under securities laws. This is attorney advertising. Prior results do not guarantee a similar outcome. This communication is for informational purposes only and does not create an attorney-client relationship.
