“She didn’t want to sell. I think she wanted to pass it down to her children,” the plaintiff’s lawyer said about their unauthorized trading claim.
Oregon broker said that he is being defamed in social media posts by a retired advisor and his wife and that the campaign is coordinated with Morgan Stanley’s TRO filing.
Michael Campopiano, a Pasadena, California-based broker, joined D.A. Davidson last week as the fallout from Morgan Stanley’s inherited account probe continues to reverberate
Beantown broker, who moved along with a client associate on Friday, had managed $400 million in customer assets, according to a person familiar with the move.
The wirehouse is seeking a restraining order and claims that the broker, in addition to “diverting” income by miscoding trades, is jeopardizing a retired brokers’ income by taking clients to D.A. Davidson.
A Finra arbitration panel recommended the removal of the complaint from the New Jersey broker’s record after Morgan Stanley lawyers backed his case for expungement.
Three out of four brokers had worked at Morgan Stanley in the early 2000s, moved to UBS and then returned to Morgan Stanley nine years ago before joining UBS a second time last week, according to their BrokerCheck records.
A private banker who sources said may have been responsible for as much as $4 billion in assets is staying in New York but has joined a team led by a Chairman’s Club producer in Indianapolis.
Michael Crotty, who joined Morgan Stanley’s Smith Barney predecessor in 2007 and moved to rival UBS earlier this month, agreed to Morgan Stanley’s bid to block him from reaching out to customers governed by teaming agreements.
The industry’s self regulator issued a three-month suspension and $5,000 fine against a former Morgan Stanley broker who allegedly did not receive approval for a fund-raising endeavour.
The three-broker Los Angeles-based team, which had managed $700 million in client assets, has reassembled at LPL Financial’s fledgling channel for wirehouse breakaways.