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Posts tagged "Morgan Stanley"

Broker Barred for Borrowing $300k from Clients

A former Morgan Stanley broker, Jeffrey Hunter Smith, was barred from the securities industry by FINRA for borrowing money from clients. Smith was registered with Morgan Stanley from 2009 to 2015. During his time there, Smith borrowed $300,000 from two clients without any written approval or authorization. During FINRA's investigation of the wrongdoing, Smith refused to comply with their requests for documents.

A statement of claim was filed against Morgan Stanley

A couple in North Carolina recently filed a statement of claim against Morgan Stanley due to investment losses in an energy investment named Morgan Stanley Cushing MLP High Income ETN. The couple are claiming that they lost over $100,000 of the $150,000 they had invested. This investment has been struggling since the second half of 2014 when oil prices in the United States declined. The couple is alleging that Morgan Stanley breached its fiduciary duties and committed fraud.

Raymond James Broker Allegedly Attempts to Swindle $1.8 million from Client's Estate

FINRA has filed a complaint against a former UBS and Morgan Stanley financial advisor named John Waszolek. The basis of the complaint is FINRA's belief that Waszolek took advantage of an elderly client, with an Alzheimer's diagnosis, by having the client change her estate planning documents to include him as a beneficiary or recipient of $1.8 million. According to FINRA's complaint, Waszolek later admitted that his elderly client was not competent to change her estate planning documents.

Morgan Stanley Facing $400 Million Claim after Advisor has Affair with Client

Morgan Stanley advisor Ami Forte is accused of having an affair with the now deceased co-founder of the Home Shopping Network, Roy Speer. According to Mr. Speer's widow, at the time of his death, her husband was both physically and mentally impaired. He was wheelchair bound with a full time caregiver. His declining mental capacity made it difficult for him to oversee his financial matters, so he delegated Forte to take care of some of his financial matters. Mr. Speer's widow is now accusing Forte of making approximately 12,000 unauthorized trades in a five year period leading up to his death. These trades produced almost $40 million in commissions.

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