Morgan Stanley Wins TRO and Other Top Stories
Sending a message about its ferocity in pursuing departed brokers, firm seeks and wins restraining order silencing a Florida broker who joined a competitor.
Broker in Naperville, Ill., claims firm trumped up a termination charge so it would not have to pay $1.5 million of a forgivable loan while he was on active duty, while it says he violated outside business activity rules.
Finra censures and fines Morgan Stanley Smith Barney for failing to stuff warnings about risks of margin trading into annual customer statements.
Regulator says retail broker-dealer failed to do adequate background checks on 95% of its nonregistered employees for the last eight-and-a-half years.
Seeks recovery of emails and other customer data allegedly filched from computer of former FiNet broker in Portland, Oregon.
Top comment of the week:
I predict that the four largest wirehouse firms will continue to lose head count each and every year. 10 years from now the total branch count will be half of what it is today and they will only have a presence in a handful of the largest cities. Their model is broken and they don’t know how to fix it. Kinda like Sears. The market dynamics are more powerful than protocol.