Fort Lauderdale, Fl.- Securities Fraud Attorney Mark A. Tepper has filed claim against Morgan Stanley & Co. on behalf of an elderly widow who lost irreplaceable capital in her life savings after placing her retirement account under management of the investment banker.
Tepper, a former New York Assistant Attorney General and Chief Trial Counsel at the Bureau of Investor Protection and Securities, alleges that Morgan Stanley concealed fraudulent practices from the retired Winn-Dixie deli clerk.
“This elderly widow lost irreplaceable capital when her broker, Morgan Stanley & Co., concealed material information from her about its wrong doing for more than six years. It wasn’t until FINRA’s confidential investigation uncovered it, that Morgan Stanley acknowledged its fraudulent practices,” the claim alleges.
The claim, filed with the Financial Industry Regulatory Authority (FINRA),names respondents Morgan Stanley & Co., and Morgan Stanley Dean Witter alleging that it knowingly withheld information about a risky investment that could have prevented loss of irreplaceable capital in her retirement portfolio.
The claim is described as “timely” following FINRA’s recent public disclosures against Morgan Stanley. “Prior to FINRA’s disciplinary announcement it was impossible for my client to discover her claim. Morgan Stanley concealed for more than six years, excessive mark-ups and inadequate supervisory procedures on securities held in her account. FINRA fined Morgan Stanley $1.5 million, ordered partial restitution and stated that its order does not preclude customers from pursuing their own actions to obtain restitution or other remedies,” the claim argues.
About Mark A. Tepper, P.A. (www.MarkTepper.com)
Attorney Mark Tepper has earned the reputation of “Investor Advocate” while practicing law for over 30 years and representing investors in criminal and civil actions. An elected Board Director of the Public Investors Arbitration Bar Association (PIABA) he has authored numerous legal articles on securities arbitration and lectured before the North American Securities Administrators Association (NASAA) which has presented him with an “Outstanding Service Award.” He addresses professional associations, clubs and financial organizations in South Florida in an effort to educate the public on securities fraud. A member of the Florida, New York and California Bars he is AV(R)-rated, the highest rating of lawyers in the Martindale-Hubbell Law Directory.
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