By Daniel Langhorne (July 29, 2015, 5:15 PM EDT) -- A Financial Industry Regulatory Authority arbitration panel has awarded $2.5 million to a group of physicians who claim their Morgan Stanley & Co. Inc. trader in Jackson, Mississippi, was able to commit unauthorized trades and falsify business returns because of a lack of supervision.
The three-arbitrator panel found July 24 that Morgan Stanley and branch manager Fred Brister were liable for compensatory and punitive damages, as well as attorneys' fees and costs, under federal and state law after a broker allegedly traded investors' money fraudulently before the 2008 financial crisis.
Joe C. Peiffer of Peiffer Rosca Wolf Abdullah Carr & Cane...
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