Team includes two veterans who had spent nearly 50 years combined at Merrill and who managed $1.2 billion in assets.
Ex-broker Manish H. Shah accepted a 20-month suspension from the brokerage industry and a $15,000 fine for borrowing money from customers to buy another broker’s practice but using the money for personal expenses.
A federal judge granted Morgan Stanley’s motion to block the RBC group from soliciting their former clients and denied the brokers’ counterclaim.
Princeton, NJ, advisors say Morgan Stanley is soliciting clients they brought with them when they moved from UBS in 2010, in violation of written and verbal agreements.
New Jersey advisors “flagrantly” violated their employment agreements by calling former clients and using confidential information, wirehouse says in new lawsuit.