Morgan Stanley to pay $7 million in penalties - InvestmentNews

https://www.investmentnews.com/morgan-stanley-to-pay-7-million-in- penalties-20807
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Mar 25, 2009 ... The settlement resolves allegations that Morgan Stanley failed to adequately supervise two of its former brokers, Michael J. Kazacos and David ... Morgan Stanley to pay $7 million in penalties Morgan Stanley & Co. will pay more than $7 million to resolve allegations of misconduct by two former brokers accused of misleading Rochester, N.Y., area employees of Eastman Kodak Co. and Xerox Corp. to take early retirement and invest retirement assets with them. March 25, 2009 By Bloomberg 2 Morgan Stanley & Co. will pay more than $7 million to resolve allegations of misconduct by two former brokers accused of misleading Rochester, N.Y., area employees of Eastman Kodak Co. and Xerox Corp. to take early retirement and invest retirement assets with them. The Financial Industry Regulatory Authority, an independent regulator of U.S. securities firms, said Wednesday that Morgan Stanley will pay a $3 million fine and more than $4.2 million in restitution to 90 Rochester area residents who took early retirement. The settlement resolves allegations that Morgan Stanley failed to adequately supervise two of its former brokers, Michael J. Kazacos and David M. Isabella, in its Rochester branch office. A FINRA investigation found Kazacos and Isabella broke several industry rules in handling rollovers of employee Individual Retirement Accounts, and made unrealistic predictions that Kodak and Xerox employees would earn returns of 10 percent each year in retirement if they invested with Morgan Stanley. FINRA also alleged that Ira S. Miller, the manager of Morgan Stanley’s Rochester branch, failed to supervise Kazacos and Isabella. During the period the misconduct allegedly occurred, from 1998 through 2003, Kazacos and Isabella generated about $15.4 million in gross commissions from soliciting investments with Morgan Stanley, FINRA said.



Michael J Kazacos 28 E Main St Rochester, NY Financial Advisory ...

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Get directions, reviews and information for Michael J Kazacos in Rochester, NY. 28 E Main St, Rochester, NY 14614 Partial Data by Infogroup (c) 2020. All rights reserved. Find hotels by Best Western Hotels & Resorts











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