Tags: ami forte | alleged | affair | morgan stanley | 400m

Ami Forte Alleged Affair Could Cost Morgan Stanley $400M

By    |   Friday, 22 May 2015 11:30 AM

An alleged affair a Morgan Stanley financial adviser had with a wealthy co-founder of the Home Shopping Network could cost the bank up about $400 million, now that the man's widow has gotten wind of what was going on.

Ami Forte reportedly had a relationship with Roy Speer and conducted thousands of unauthorized trades in his accounts, reported Business Insider.

Speer, a co-founder of the shopping network giant, died in 2012. His widow, Lynnda Speer, has filed a lawsuit against Morgan Stanley, claiming the bank overcharged her husband.

A source present for a Financial Industry Regulatory Authority hearing on the issue said Morgan Stanley could face $100 million in compensatory damages, and an additional $300 million in punitive damages, said Business Insider.

Lawyers for Lynnda Speer said her husband was in a diminished mental and physical state toward the end of his life, and Forte was among those delegated to attend to his financial affairs. She oversaw between $155 million and $185 million of Speer’s accounts and is accused of conducting about 12,000 unauthorized trades, generating about $40 million in commissions, Business Insider said.

Morgan Stanley denies the claims against it.

Forte joined the firm in 2000. Her affair with Speer lasted 12 years, and the 57-year-old financial adviser and others on her team took $40 million in commissions during the last five years of his life, according to the New York Post.

The lawsuit claims Forte’s actions violated Florida laws, including its Elder Exploitation Statute and Investor Protection Act.

Forte was named as the Business Woman of the Year in 2013 by the Tampa Bay Business Journal. The newspaper noted that she was the first female financial adviser in the firm to be named as managing director. She also was recognized on Barron’s Top 100 Financial Advisors list.

Twitter users seemed incredulous.

© 2017 Newsmax. All rights reserved.

 
1Like our page
2Share
TheWire
An alleged affair a Morgan Stanley financial adviser had with a wealthy co-founder of the Home Shopping Network could cost the bank up about $400 million, now that the man's widow has gotten wind of what was going on.
ami forte, alleged, affair, morgan stanley, 400m
360
2015-30-22
Friday, 22 May 2015 11:30 AM
Newsmax Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
America's News Page
© Newsmax Media, Inc.
All Rights Reserved