Ami Forte and Morgan Stanley ordered to pay investor $33,000,000.
In March, 2016, a three member FINRA arbitration panel sitting in Tampa Florida issued a staggering $33,000,000 binding arbitration award against Ami Forte and her firm Morgan Stanley.
The underlying matter involved allegations that Ami Forte and Morgan Stanley mismanaged a customer account, breached fiduciary duties, failed to follow industry rules and standards, churned the account, engaged in unauthorized trading, engaged in financial elder abuse and violated state and federal securities laws.
After an arbitration hearing spread out over two years, the arbitration panel rendered their decision and awarded the customers over $32,000,000 in compensatory damages, and over $1,000,000 in costs.
As a result of this award The Law Office of David Liebrader has opened an investigation into Ami Forte and other brokers at Morgan Stanley.
Ami Forte’s broker check report lists one customer complaints over 21 years in the brokerage industry, with two in the last year. She is no longer registered with Morgan Stanley.
FINRA Code of Arbitration Procedure section 12904 governs the issuance and payments of awards. Key provisions of the rule are that the award may be entered as a judgment in any court of competent jurisdiction, after a motion to confirm the award is filed pursuant to state or federal law. Furthermore, unless the applicable law directs otherwise, all awards rendered under the Code of Arbitration Procedure are final, and are not subject to review or appeal. Grounds for overturning binding FINRA arbitration awards are extremely limited. Ami Forte and Morgan Stanley had thirty days to pay the award, or to seek to have the award vacated.
If you are the victim of investment fraud, or if you have lost money investing with Ami Forte and Morgan Stanley Equities, please call The Law Office of David Liebrader at (702) 380-3131 for a free, confidential consultation to discuss your legal rights and options. Our firm takes cases on a straight contingency fee, with no money up front, and no money owed unless there is a recovery.
There is no charge for the initial consultation, so call (702) 380-3131 today to speak with an experienced securities attorney who will fight to recover your losses.
The Law Office of David Liebrader practices exclusively in the field of investment loss recovery. For the past 23 years, we have dedicated our law practice to assisting investors who have been victims of investment fraud via fraudulent and unsuitable investment transactions. During that time we have recovered money for over one thousand individuals, pension plans, trusts and companies. The recoveries we have obtained via judgments, awards and settlements on behalf of our clients exceed $40,000,000.