Investors Sue Morgan Stanley Over Banned Broker

Law360, New York (November 19, 2007, 12:00 AM EST) -- A Morgan Stanley & Co. broker who allegedly executed trades in unlisted securities after being barred from the practice by the U.S. Securities and Exchange Commission has caused the firm to become the target of a class action suit filed by investors.

In a suit filed last week in Broward Circuit Court, plaintiffs alleged that former broker Shelley Cohen began trading unlisted securities in the mid-1990s despite being enjoined from doing so by regulators in the late 1980s.

The complaint alleges that Cohen was informed in...
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