Morgan Stanley Hit With $20M Whistleblower Fraud Suit
By Kurt Orzeck (August 24, 2015, 10:31 PM EDT) -- Morgan Stanley was hit with a $20 million suit Monday in New York federal court by two whistleblowers who claim they were fired after complaining about unlicensed assistants and interns making batch trades in client accounts.
Two former Morgan Stanley financial advisers, Jaime Feldman-Boland and her husband, James Boland, accuse the bank of violating anti-retaliation provisions of the Sarbanes-Oxley Act and the Dodd-Frank Act by firing them after they told supervisors about the conduct.
The suit says interns cold-called prospects and used deceptive scripts to solicit 401(k) rollovers, even if the investments were unsuitable. Meanwhile, bank representatives made misleading guarantees of...
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