A 75-year-old widow in Florida was defrauded out of almost $2.1 million in the summer of 2023 by an intricate group of scammers. Now, her investment firm has been ordered to pay her $843,000, according to a copy of her complaint seen by AdvisorHub and a Financial Industry Regulatory Authority arbitration awarded this week.
Barron’s reports that Morgan Stanley was found liable for negligence by the arbitration panel for allowing the victim, Marjorie Kessler, to make two “large and unusual” withdrawals from her accounts. In the complaint, Kessler claimed that her brokerage advisors should have noted how “uncharacteristic” her requests were and that they didn’t take “reasonable” steps to provide
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