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...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!


Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!