{"id":2999,"date":"2015-07-08T00:00:00","date_gmt":"2015-07-08T04:00:00","guid":{"rendered":"http:\/\/silverlaw.lawblogger.net\/blog\/widow-of-hsn-founder-files-suit-against-morgan-stanley\/"},"modified":"2018-10-08T12:42:13","modified_gmt":"2018-10-08T16:42:13","slug":"widow-of-hsn-founder-files-suit-against-morgan-stanley","status":"publish","type":"post","link":"https:\/\/www.silverlaw.com\/blog\/widow-of-hsn-founder-files-suit-against-morgan-stanley\/","title":{"rendered":"Widow of HSN Founder Files Suit against Morgan Stanley"},"content":{"rendered":"

Morgan Stanley has found itself on the wrong end of a Florida FINRA arbitration for claimed damages of $400 million. Lynnda Speer, the widow of Home Shopping Network (HSN) co-founder Roy M. Speer, filed the claim against Morgan Stanley and one of its branch managers and investment advisers. Due to its size, the firm acknowledged the claim in a disclosure in its annual financial report filed with the Securities and Exchange Commission (SEC) in March.<\/p>\n

In addition to being the widow of Mr. Speer, Ms. Speer is the personal representative of his estate. In her claim, filed with the Financial Industry Regulatory Authority<\/a> (FINRA), she alleges excessive trading<\/a>, negligent supervision<\/a>, and unjust enrichment. According to a SEC filing, the claims also include that Morgan Stanley and the adviser, working out of Palm Harbor, Florida, engaged in the unauthorized use of discretion<\/a> and abused their fiduciary duty.<\/p>\n

After helping to create the popular HSN, it was estimated by Forbes that Mr. Speer was worth $775 million in 2002. Before passing away in 2012, Mr. Speer suffered from \u201csignificant diminished capacity\u201d during the later years of his life. It is alleged that during the final five years of his life, his adviser, Ami Forte, and the firm conducted roughly 12,000 unauthorized trades, which generated around $40 million in commissions. Also named in the suit is the Morgan Stanley branch manager, Terry McCoy.<\/p>\n

Continue reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

Morgan Stanley has found itself on the wrong end of a Florida FINRA arbitration for claimed damages of $400 million. Lynnda Speer, the widow of Home Shopping Network (HSN) co-founder Roy M. Speer, filed the claim against Morgan Stanley and one of its branch managers and investment advisers. Due to its size, the firm acknowledged […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[582,588],"tags":[453,131,89],"class_list":["post-2999","post","type-post","status-publish","format-standard","hentry","category-elder-fraud","category-finra-arbitration","tag-elder-fraud","tag-finra-arbitration-2","tag-morgan-stanley"],"yoast_head":"\nLosses at Morgan Stanley? - Silver Law Group<\/title>\n<meta name=\"description\" content=\"Morgan Stanley has found itself on the wrong end of a Florida FINRA arbitration for claimed damages of $400 million. 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