{"id":2774,"date":"2016-04-13T00:00:00","date_gmt":"2016-04-13T04:00:00","guid":{"rendered":"http:\/\/silverlaw.lawblogger.net\/blog\/finra-panel-orders-morgan-stanley-pay-34-million-exploiting-elderly-florida-man\/"},"modified":"2018-10-08T12:39:31","modified_gmt":"2018-10-08T16:39:31","slug":"finra-panel-orders-morgan-stanley-pay-34-million-exploiting-elderly-florida-man","status":"publish","type":"post","link":"https:\/\/www.silverlaw.com\/blog\/finra-panel-orders-morgan-stanley-pay-34-million-exploiting-elderly-florida-man\/","title":{"rendered":"FINRA Panel Orders Morgan Stanley to Pay $34 million for Exploiting an Elderly Florida Man"},"content":{"rendered":"<\/p>\n<p>The Financial Industry Regulatory Authority (the \u201cFINRA\u201d) <a href=\"https:\/\/www.finra.org\/sites\/default\/files\/aao_documents\/13-00549.pdf\"  target=\"_blank\">awarded more than $34 million<\/a> on March 18, 2016 to the estate of former Home Shopping Network chief Roy M. Speer in its claim against Morgan Stanley for churning the late Mr. Speer\u2019s account.<\/p>\n<p>The all-public arbitration panel ruled that Morgan Stanley, broker Ami Forte and branch manager Terry McCoy were jointly liable for violating Florida elder exploitation laws, unauthorized trading, breach of fiduciary duty\/constructive fraud, negligence, negligent supervision and unjust enrichment.<\/p>\n<p>The panel awarded $32.8 million in compensatory damages to Lynnda Speer, Mr. Speer\u2019s widow and representative of the estate, and $1.5 million to reimburse costs incurred during the arbitration process.\u00a0 Additionally, Ms. Speer will seek to recover potentially millions in attorney\u2019s fees in Florida court, according to an <a href=\"http:\/\/www.investmentnews.com\/article\/20160322\/FREE\/160329988\/finra-panel-orders-morgan-stanley-to-pay-34-million-to-estate-of\"  target=\"_blank\">InvestmentNews article<\/a>.<\/p>\n<div class=\"read_more_link\"><a href=\"https:\/\/www.silverlaw.com\/blog\/finra-panel-orders-morgan-stanley-pay-34-million-exploiting-elderly-florida-man\/\"  title=\"Continue Reading FINRA Panel Orders Morgan Stanley to Pay $34 million for Exploiting an Elderly Florida Man\" class=\"more-link\">Continue reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Financial Industry Regulatory Authority (the \u201cFINRA\u201d) awarded more than $34 million on March 18, 2016 to the estate of former Home Shopping Network chief Roy M. Speer in its claim against Morgan Stanley for churning the late Mr. Speer\u2019s account. The all-public arbitration panel ruled that Morgan Stanley, broker Ami Forte and branch manager [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[582],"tags":[],"class_list":["post-2774","post","type-post","status-publish","format-standard","hentry","category-elder-fraud"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>FINRA Panel Orders Morgan Stanley to Pay $34 million for Exploiting an Elderly Florida Man &#8212; Securities Arbitration Lawyers Blog &#8212; April 13, 2016<\/title>\n<meta name=\"description\" content=\"If you have been the victim of elder abuse by an investment advisor, contact Silver Law Group today to discuss your options.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.silverlaw.com\/blog\/finra-panel-orders-morgan-stanley-pay-34-million-exploiting-elderly-florida-man\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"FINRA Panel Orders Morgan Stanley to Pay $34 million for Exploiting an Elderly Florida Man &#8212; Securities Arbitration Lawyers Blog &#8212; April 13, 2016\" \/>\n<meta name=\"twitter:description\" content=\"If you have been the victim of elder abuse by an investment advisor, contact Silver Law Group today to discuss your options.\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Silver Law Group\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"FINRA Panel Orders Morgan Stanley to Pay $34 million for Exploiting an Elderly Florida Man &#8212; Securities Arbitration Lawyers Blog &#8212; April 13, 2016","description":"If you have been the victim of elder abuse by an investment advisor, contact Silver Law Group today to discuss your options.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.silverlaw.com\/blog\/finra-panel-orders-morgan-stanley-pay-34-million-exploiting-elderly-florida-man\/","twitter_card":"summary_large_image","twitter_title":"FINRA Panel Orders Morgan Stanley to Pay $34 million for Exploiting an Elderly Florida Man &#8212; Securities Arbitration Lawyers Blog &#8212; April 13, 2016","twitter_description":"If you have been the victim of elder abuse by an investment advisor, contact Silver Law Group today to discuss your options.","twitter_misc":{"Written by":"Silver Law Group","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.silverlaw.com\/blog\/finra-panel-orders-morgan-stanley-pay-34-million-exploiting-elderly-florida-man\/","url":"https:\/\/www.silverlaw.com\/blog\/finra-panel-orders-morgan-stanley-pay-34-million-exploiting-elderly-florida-man\/","name":"FINRA Panel Orders Morgan Stanley to Pay $34 million for Exploiting an Elderly Florida Man &#8212; Securities Arbitration Lawyers Blog &#8212; April 13, 2016","isPartOf":{"@id":"https:\/\/www.silverlaw.com\/blog\/#website"},"datePublished":"2016-04-13T04:00:00+00:00","dateModified":"2018-10-08T16:39:31+00:00","author":{"@id":"https:\/\/www.silverlaw.com\/blog\/#\/schema\/person\/de64d999508b1ad10d608a99f0d2e752"},"description":"If you have been the victim of elder abuse by an investment advisor, contact Silver Law Group today to discuss your options.","breadcrumb":{"@id":"https:\/\/www.silverlaw.com\/blog\/finra-panel-orders-morgan-stanley-pay-34-million-exploiting-elderly-florida-man\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.silverlaw.com\/blog\/finra-panel-orders-morgan-stanley-pay-34-million-exploiting-elderly-florida-man\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.silverlaw.com\/blog\/finra-panel-orders-morgan-stanley-pay-34-million-exploiting-elderly-florida-man\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.silverlaw.com\/blog\/"},{"@type":"ListItem","position":2,"name":"FINRA Panel Orders Morgan Stanley to Pay $34 million for Exploiting an Elderly Florida Man"}]},{"@type":"WebSite","@id":"https:\/\/www.silverlaw.com\/blog\/#website","url":"https:\/\/www.silverlaw.com\/blog\/","name":"Securities Arbitration Lawyers Blog","description":"Published by Securities Arbitration Lawyers \u2014 Silver Law Group","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.silverlaw.com\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.silverlaw.com\/blog\/#\/schema\/person\/de64d999508b1ad10d608a99f0d2e752","name":"Silver Law Group","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.silverlaw.com\/blog\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/9eb0a691642ae95c68ee1c45b5f50f35bae76a41f3d9f861c7bfd40c87661746?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/9eb0a691642ae95c68ee1c45b5f50f35bae76a41f3d9f861c7bfd40c87661746?s=96&d=mm&r=g","caption":"Silver Law Group"}}]}},"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/www.silverlaw.com\/blog\/wp-json\/wp\/v2\/posts\/2774","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.silverlaw.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.silverlaw.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.silverlaw.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.silverlaw.com\/blog\/wp-json\/wp\/v2\/comments?post=2774"}],"version-history":[{"count":2,"href":"https:\/\/www.silverlaw.com\/blog\/wp-json\/wp\/v2\/posts\/2774\/revisions"}],"predecessor-version":[{"id":7072,"href":"https:\/\/www.silverlaw.com\/blog\/wp-json\/wp\/v2\/posts\/2774\/revisions\/7072"}],"wp:attachment":[{"href":"https:\/\/www.silverlaw.com\/blog\/wp-json\/wp\/v2\/media?parent=2774"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.silverlaw.com\/blog\/wp-json\/wp\/v2\/categories?post=2774"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.silverlaw.com\/blog\/wp-json\/wp\/v2\/tags?post=2774"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}