On March 25, Morgan Stanley Wealth Management’s technology system crashed. As a result, both brokers and clients were unable to view account information or place orders. Brokers did report being able to complete orders by using a link they were provided. Investors who were not able to access their account online were told to call the firm to place trades.
Eugene Nathan Gordon, a former Morgan Stanley broker, agreed to a 90-day suspension by FINRA for allowing a wife to make withdrawals from her husband’s retirement account without written authorization from the husband.
The Financial Industry Regulatory Authority Inc. ("FINRA") recently barred a former Morgan Stanley broker from the brokerage industry for refusing to hand over requested documents and information around his alleged theft of client money.
A Georgia court judge has granted Morgan’s Stanley a request to prevent a runaway broker from contacting former customers. However, the court’s ruling will allow the broker to work with immediate family members and customers who already signed account transfer forms.
Morgan Stanley has been busy in court lately, recently suing two advisors who left for rival firms over non-solicitation violations in what experts predict will be a familiar pattern for the foreseeable future.
A California federal judge turned down E*Trade Financial’s request to block a broker, who moved to Morgan Stanley, from contacting his former clients.
Underwriters from Morgan Stanley and Goldman Sachs will collect millions of dollars in fees from clients who had invested in Uber’s initial public offering (IPO) last week. Nevertheless, the clients who had invested in Uber’s IPO are now facing large losses.
HighTower Advisors has announced that the $50 billion RIA will exit the Broker Protocol. HighTower’s exit follows the departure of Morgan Stanley and then UBS in late 2017.
A rough four weeks for a $750 million team ended with the advisors out of a job and barred from soliciting their clients.
In a strange twist, Morgan Stanley has terminated a veteran team of investment advisers that who acquired less than three weeks ago from Charles Schwab & Co. Morgan Stanley parted ways with the newly hired team of advisers after they received a temporary restraining order (TRO) and preliminary injunction from their former firm, Charles Schwab.
