2 Morgan Stanley Brokers Awarded $5M In Promotion Dispute

Law360, New York (June 20, 2012, 9:16 PM EDT) -- The Financial Industry Regulatory Authority on Monday ordered Morgan Stanley Smith Barney to pay two of its financial advisers nearly $5 million as a result of their allegations that the company, upon recruiting them, promised certain promotions that it never fulfilled.

John P. Paladino and Todd G. Vitale were recruited by MSSB from UBS AG, where they were brokers, in 2008. Vitale said he was promised, both orally and in written form, a senior-level management position six months after joining the company, and that Paladino would...
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