Call Now For a Free Consultation:
(614) 532-4576
Nationwide Representation

News: Ex-Brokers Sue Morgan Stanley for Whistleblower Suit

Jaime Feldman and her husband James Boland have brought forth a lawsuit against their former employer, Morgan Stanley. Ms. Feldman and Mr. Boland are suing for wrongful termination, accusing the broker-dealer of fraudulent activity and violating securities rules. The lawsuit is for $20 million.

According to the pair’s FINRA reports, Ms. Feldman and Mr. Boland were fired in 2011 for failure to adhere to firm standards. However, the couple claims that Morgan Stanley’s accusations of poor quality work is just a cover for wrongful termination. The complaint reads,

This action arises out of defendant's termination of the employment of plaintiffs because of their objections to and complaints about fraudulent activity and violations of the securities laws at the Morgan Stanley branch office. Morgan Stanley terminated the employment of plaintiffs for their 'whistle-blowing' activities.

The plaintiffs accused the firm of:

  • Having unlicensed trainees cold call large companies such as Pfizer and Verizon Communications Inc. and read from a misleading script
  • Allowing brokers to change profiles about client risk
  • Allowing advisors work from home, despite not having the appropriate supervision there

Ms. Feldman claims that she brought forth these concerns to her branch manager, David Turetzky. Upon hearing the allegations, Mr. Turetzky seemed unresponsive and dismissed Ms. Feldman, according to the complaint. A month later, it is reported, Ms. Feldman and Mr. Boland were terminated for allegedly not performing up to standards.

Christine Jockle, a spokesperson for Morgan Stanley, states that there is no merit to the plaintiffs’ claims. FINRA also looked into the allegations made against the firm in August of 2011. However, the complaint does not note any actions made by FINRA against Morgan Stanley.

This is not the first time that this branch of Morgan Stanley, on 52nd Street, was sued for wrongful termination in a whistleblower case. Clifford Jagodzinski sued the company for $1 million, arguing that Mr. Turetzky told him not to report supposed violations. Morgan Stanley denied the accusations and the case was settled for an unspecified amount.

The information contained in The Firm’s posts on its blog, fraud alerts, investigations or elsewhere on the site is based upon information obtained from other sources including, but not limited to, news outlets and federal, state, and regulatory agency filings. All suspects and subjects of postings herein are presumed innocent until proven guilty in a court of law or administrative action and any and all crimes are alleged until a court or regulatory agency finds otherwise .

Share This Story
If you found the information provided by this article useful, consider sharing to your social media channels to help others in their search for reliable resources.
Consult with Our Legal Team
There is never a cost associated with a consultation
Atlanta Office

945 East Paces Ferry Road, Suite 2275
Atlanta, GA 30326
Columbus Office

614-224-6000
305 W. Nationwide Blvd
Columbus, OH 43215
Meyer Wilson
New Orleans Office

900 Camp Street 
Suite 337
New Orleans, LA 70130
Los Angeles Office

310-905-8688
2029 Century Park East,
Suite 400N
Los Angeles, CA 90067
Cleveland Office

216-600-1355
4781 Richmond Rd.
Suite 400
Warrensville Heights, OH 44128
Bloomfield Hills Office

248-817-8214
41000 Woodward Ave.,
Suite 350
Bloomfield Hills, MI 48304
Quick Links
The information contained in this Website is provided for informational purposes only, and should not be construed as legal advice on any subject matter. No recipients of content from this site, clients or otherwise, should act or refrain from acting on the basis of any content included in the site without seeking the appropriate legal or other professional advice on the particular facts and circumstances at issue from an attorney licensed in the recipient's state. Read More
The information contained in this Website is provided for informational purposes only, and should not be construed as legal advice on any subject matter.
Read More
chevron-down linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram