Articles Tagged with Morgan Stanley

Bull BearMiller Stern Lawyers – 410-Law-Firm is currently investigating for clients of former Morgan Stanley broker Barry F. Connell and all firms and broker dealers who may be victims of, and suffered damages and losses, due to abuses such fraud, mutual fund abuses, unsuitable mutual fund investments and failure to supervise, breach of fiduciary duty, overcharging , and unauthorized trading.

Securities and Exchange Commission closed its case against a former Morgan Stanley broker who served prison time, barring him from the securities industry after ensuring that he has repaid more than $5.1 million stolen from customers, according to FINRA.

Connell pled guilty in December 2018 to stealing the money between 2015 and 2016, spending the $5 million to support his “lavish lifestyle,” according to the SEC. He perpetrated the fraud by moving funds among client accounts and using falsified wire transfer forms and checks.

cropped-High-Res-TA-2018-2019-284x300Morgan Stanley terminated around ten brokers following a nationwide probe of alleged abuses in its inherited account program, according to lawyers, firm sources and former managers per advisor Hub.  Miller Stern Lawyers – 410-Law-Firm is currently investigating clients of Morgan Stanley who are victims of, and suffered damages and losses, due to these abuses.

The investigation was prompted by complaints about underpayments from at least one retired broker who entered the Former Advisor Program (FAP), a so-called sunsetting plan that Morgan Stanley and other large firms have promoted heavily in an attempt to keep older brokers from joining other firms and taking clients with them.

according the the article, the programs allow older brokers to receive a split of fees and commissions paid by former clients for several years if the brokers let their practices lapse after they leave.

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