Morgan Stanley Neglected Warnings on Broker


Jessica Clarke lost about $700,000 she had invested with Steve Wyatt, a Morgan Stanley broker. “I just never questioned that there’d be any monkey business,” she said. CreditAndrea Morales for The New York Times

A troubling call came in to Morgan Stanley’s internal hotline in May 2010.

One of the company’s top financial advisers in Mississippi, Steve Wyatt, was struggling with medications and was “not sleeping, coming in 3 and 4 a.m.,” his assistant said on the call, according to notes taken by the person who answered the phone. Mr. Wyatt, a broker, was also trading client money “erratically,” the assistant said.

Morgan Stanley is one of the top banks on Wall Street, operating one of the most sophisticated financial advisory businesses in the world. But when the call came in, there was little effort to help fix the problems, Mr. Wyatt’s colleagues — and Mr. Wyatt himself — testified in arbitration…

Morgan Stanley Neglected Warnings on Broker

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