Stock Broker Fraud Blog

In a note to investors, Wachovia Securities Analyst Doug Sipkin commented on the state of the leading Wall Street securities firms in light of the worsening global credit crisis.

Sipkin blamed the “The failure of Bear Stearns” on a “management issue” rather than a “market issue.” JP Morgan Chase & Co. recently purchased Bear Stearns, the fifth largest securities company, for $236 million—that’s $2/share—a 90% market drop in just two days. The securities firm ran out of money after clients took away funds.

Sipkin, however, reassured investors that the action taken by the Federal Reserve to reduce emergency lending rates will keep the other four big securities firms in business.

The Wachovia analyst says that worries about Lehman Brothers are misguided and that the bank has sufficient liquidity to keep business running. Sipkin cited Lehman’s “superior management” and “superior business.”

Lehman and Goldman Sachs are expected to garner new business from the Bear sale. Sipkin said Goldman will likely benefit from “migrating prime brokerage balances,” while Lehman would likely pick up “material market share" in mortgages.

Morgan Stanley, said Sipkin, seems to be weathering the crisis because it has its asset management and brokerage businesses.

Sipkin pointed to Merrill Lynch as appearing to be the weakest of the top Wall Street firms—but said that it would also likely stay afloat, considering that its balance sheet had the highest leverage.

Related Web Resources:

Ahead of the Bell: Investment Banks, Chron.com/AP, March 18, 2008

US stock market drops as Bear Stearns sold for $2/share, Reuters, March 17, 2008

JP Morgan Shares to Acquire Bear Stearns, Bear Stearns

If you have been the victim of investor fraud, you are entitled to the recovery of your lost investment. Contact Shepherd Smith and Edwards today to schedule your free consultation with one of our stockbroker fraud lawyers.

Appearing before the U.S. Congress last week, Countrywide Financial CEO and founder Angelo Mozilo, Ex-Citigroup CEO Charles Prince, and Ex-Merrill Lynch Chairman and CEO Stanley O’Neil gave their testimonies to the House Committee on Government and Oversight Reform.

The three men say that reports about their compensation are “grossly exaggerated” and that they too have lost millions of dollars from the mortgage debacle. On Thursday, the Congressional issued a report stating that the three men earned $460 million between 2002 and 2006.

All three men say their income from the firms are tied to the profits that the companies made in the years prior to the mortgage crisis and that their company stock has dropped dramatically since then.

Mozilo reportedly stood to earn $115 after Countrywide’s pending sale to Bank of America is completed. He now has agreed to forfeit $37.5 million.

O’Neal received $161 million after stepping down from Merrill Lynch. Prince left Citigroup last November with about $68 million.

Other Wall Street CEO’s that have generated media buzz for their generous compensations:

-Last year, Goldman Sachs Chairman and CEO Lloyd Blankenfein received $68 million—the largest bonus ever for an industry head.

-Robert Nardelli, Chrysler Chairman and CEO, took away $210 million in stock options, money, and retirement benefits after being asked to leave Home Depot.

In 2006, 386 Fortune 500 firm chiefs received $10.8 million in compensation.

Shepherd Smith and Edwards represents stockbroker fraud clients that have lost money because of the negligence or misconduct of a member of a securities industry. One of our securities fraud lawyers can discuss your case during a free consultation.

Related Web Resources:

Mortgage mess CEOs defend pay, CNN Money.com, March 7, 2008

Congress quizzes financial execs on CEO pay 'lottery', USA Today, March 7, 2008

Committee Holds Hearing on CEO Pay and the Mortgage Crisis, House Committee on Government and Oversight Reform

What was the role of the Securities and Exchange Commission in the collapse of the subprime mortgage bubble? Although mortgage brokers, investment banks, and ratings agencies are frequently held responsible for the demise, little is said about the roles of the Financial Industry Regulatory Industry (FINRA) and the SEC—both watchdog agencies that are responsible for monitoring complex credit derivatives and their suitability requirements for investors.

Yet where was the SEC when it was time to oversee investment banks and determine whether they had sufficient capital for their balance sheets, trading positions, and the appropriate risk management systems so that major losses could be avoided?

One notable problem is that there is not enough clear data available about the credit derivatives market. Structured finance products, including collateralized debt obligations (CDOs) are traded over-the-counter in the United States. This means that price information for these products is not easily accessible.

It wasn’t until 2007 that the SEC, the Commodities Futures Trading Commission (CFTC), and other members of the President’s Working Group recommended that stricter oversight of the over-the-counter market be implemented.

While regulators are now examining the way banks structured, priced, and sold mortgage-laden securities, some industry insiders feel that these steps were taken too late. Should the SEC have noticed the warning signs?

In 2006, Merrill Lynch senior executive Jeff Kronthal was fired when he responded reluctantly to former Chief Executive Stanley O’Neal’s mandate that firms be more aggressive about taking risks with mortgage securities. Morgan Stanley’s new Chief Executive John Thain rehired Kronthal last December.

In 2005, Bear Stearns reported in its 2005 financial disclosure that it was threatened by a possible civil enforcement action related to pricing, analysis, and valuation of $63 billion in CDOs. Bear Stearns also reported that then-New York Attorney General Eliot Spitzer had contacted the firm about $16 billion in CDOs it had sold to an undisclosed client.

Former SEC attorney Gary Aguirre says that while aggressively pursuing Pequote Capital and its alleged involvement in an insider trading case in 2005, he was fired when he tried to interview Morgan Stanley Chief Executive John Mack. Aguirre claims that the SEC is too closely associated with the industry it regulates.

Earlier this month, securities regulators in Massachusetts filed a civil fraud lawsuit against Merrill Lynch over $14 million in CDOs that the firm sold to the town of Springfield. Regulators say they were unsuitable for and sold without the town’s permission. Merrill has admitted to the town’s lack of consent and paid its investment back in full—although it now has little value.

The Federal Bureau of Investigation says it is conducting criminal investigations into 14 firms regarding their involvement in mortgage securitization activities.

Morgan Stanley, Merrill Lynch, Bear Stearns, and Goldman Sachs all admit that different regulators have asked them about their handling of subprime mortgage securities.

If you are an investor who has lost money because of the misconduct or negligence of someone in the securities industry, please contact Shepherd Smith and Edwards today. Your first consultation with one of our stockbroker fraud lawyers is free.

Related Web Resources:

SEC

Collateralized Debt Obligation (CDO), Investopedia

Subprime Mortgage, Investopedia

The city of Cleveland, Ohio is suing 21 financial institutions for hundreds of millions of dollars in damages caused by subprime lending and securitization. The defendants named in the lawsuit are:

• Deutsche Bank Trust Company
• Ameriquest Mortgage Company
• Bank of America Corporation
• The Bear Stearns Companies
• Citigroup, Inc.
• Countrywide Financial Corp.
• Credit Suisse (USA)
• Fremont General Corporation
• GMAC-RFC
• Goldman Sachs Group
• Greenwich Capital Markets, Inc.
• HSBC Holdings, PLC
• Indymac Bancorp., Inc.
• J.P. Morgan Chase Co.
• Lehman Brothers Holdings, Inc.
• Merrill Lynch & Co., Inc.
• Morgan Stanley
• Novastar Financial Inc.
• Option One Mortgage Corporation
• Washington Mutual Inc.
• Wells Fargo & Co.

The city of Cleveland says that the defendants issued loans to people who would never have been able to pay them back and that the foreclosures were inevitable. The lawsuit says that not only did the financial institutions issue loans to ill-qualified borrowers, but they securitized the loans and used the profits to fund more subprime mortgages, make more money, and secure more borrowers.

In the past two years, Cleveland has experienced over 7,000 foreclosures. Entire city blocks have been vacated and violent crime and arson incidents have increased. 1,000 abandoned homes have been torn down. Cleveland is calling the “propagation of subprime mortgages… and the corresponding foreclosures... a public nuisance as defined by Ohio common law.

As a result, the city of Cleveland’s population was 444,000 last year—way down from its nearly one million residents in 1950. The decrease in population size has negatively affected the city’s budget.

The stockbroker law firm of Shepherd Smith and Edwards represents investors who have lost money due to the misconduct or negligent actions of broker-dealers and other financial institutions. Contact Shepherd Smith and Edwards today and one of our stockbroker fraud lawyers will be happy to offer you a free consultation.

Related Web Resources:

Cleveland Sues 21 Lenders Over Subprime Mortgages, Herald-Tribune, January 12, 2008

Read the Complaint (PDF)

Lawyers have filed a class action suit against Morgan Stanley for a group of former Eastman Kodak employees they say were persuaded to retire early and invest their retirement assets through Morgan Stanley.

According to the Dow Jones News Wire, the class action is seeking nearly a half billion dollars in damages from Morgan Stanley because its brokers advised the Kodak employees retire early with promises of financial security that never materialized. One of the attorneys estimates 1,000 investors or more are involved. If so, the claim seeks approximately $500,000 per former Kodak retiree.

Firms which report the results of class action cases estimate that recovery in securities class action cases is LESS THAN THREE PERCENT of the actual losses to investors! If one were to assume that 1,000 Kodak retirees lost, on average, $500,000, each may receive LESS THAN $15,000 according to this average.

Claims against brokerage firms for enticing employees to retire early in order to invest their retirement assets are not uncommon. In fact, such retirees’ claims are usually much more likely to be successful than those of other investors. A few have even resulted in awards of full recovery of losses, plus the retiree’s legal fees and costs. Securities attorneys report that brokerage firms are often likely to settle such individual claims for the majority of the losses.

As well, individual claims for investment fraud victims usually take much less time than lengthy class actions. For example, claim forms are now being sent to Enron investors based on their losses from 1997 to 2001. Eight to ten years is a long time to wait and, in fact, many Enron shareholders have likely misplaced or destroyed their records.

When class action claims are filed, class members can instead chose to hire their own attorney. By doing this, they often recover far more than victims who simply accept whatever outcome is obtained in the class action.

Class action cases for a few hundred or a few thousand dollars in losses by each victim can make sense. Even a small recovery is better than none. Yet, those with claims of $50,000 or more should instead discuss their options with an attorney skilled that area of the law and in representing victims in their own claims. Free consultations can be available to do this.

The securities fraud speicialists at Shepherd Smith and Edwards law firm have represented thousands of investors in securities arbitration against hundreds of securities firms, including Morgan Stanley and other major U.S. stock brokerage firms. Our experienced attorneys and staff assist retirees and other victims of wrongdoing of investment brokers, advisors or their firms. If you or someone you know might be a victim of such conduct, contact Shepherd Smith and Edwards for a free case evaluation by one of our attorneys.

The Securities and Exchange Commission is suing two ex-Morgan Stanley advisers for allegedly circumventing the market timing restrictions of 50 mutual fund companies, and, as a result, allegedly defrauding some 50 mutual fund companies.

Between January 2002 and August 2003, Former advisers Darryl Goldstein and Christopher O'Donnell earned about $1 million in fees and commissions because of their alleged misconduct. Attorneys for both men say their clients will fight the charges.

The SEC says that the two men, on more than one occasion, strategically engaged in several deceptive practices, including the opening of several brokerage accounts and trading in them, trading with variable annuity contracts, and using a number of financial advisor identification numbers while trading. The deceptive practices were meant to get around the restrictions that mutual funds had regarding market timing.

The two men allegedly were able to hide hedge funds trades valued at billions of dollars. The SEC says that they opened approximately 122 brokerage accounts.

Goldstein now works with Gilford Securities Inc., while O’Donnell is a Bear Stearns representative.

Morgan Stanley says it will pay $17 million in disgorgement, prejudgment interest, and a civil penalty for its alleged and related failure to prevent the alleged scam, which is against federal securities laws.

Another ex-Morgan Stanley adviser, Marc Plotkin, agreed to a one year ban from the industry and a 90,000 fine for his involvement while working with Goldstein. Plotkin and Morgan Stanley are not admitting to or denying the charges by agreeing to the penalties and fine.

Market timing can be very harmful to investors that end up suffering because an adviser tried to benefit financially by using prohibited practices.

Please contact Shepherd Smith and Edwards today if you have lost money because a member of the securities industry engaged in deceptive practices. You have every right to get your investment back and one of our securities fraud lawyers can help you.

Related Web Resources

SEC sues ex-Morgan Stanley financial advisers, Reuters, December 14, 2007

SEC Sues Two Former Morgan Stanley Financial Advisors for Deceptive Market Timing Activity; Morgan Stanley Consents to $17 Million Settlement in Related Administrative Proceeding, SEC.gov, December 14, 2007

Brokerage firms involved in legal disputes are finding that they are being forced to hand over relevant electronic conversations that are resulting in large jury verdicts, regulatory fines, and the possibility that investors might re-open arbitration cases where e-mail conversations had been suppressed.

Here are a few cases where e-mail records played a key role that was generally not in the favor of the brokerage firm:

Morgan Stanley may have to pay several thousand investors anywhere from $3,000 to $20,000 after settling a case with FINRA, who says the brokerage firm did not in fact lose millions of e-mails because of the September 11 terrorist attacks. Investors had said these e-mails could have helped prove their arbitration cases against Morgan Stanley. FINRA says that millions of these e-mails had been restored to the firm’s system and Morgan Stanley tried to withhold this fact.

As part of its settlement with FINRA, Morgan Stanley paid a $3 million fine to the industry self-regulator and set up a $9.5 million fund from which it will pay investors that were affected by the omission.

Last month, a jury ordered WestLB AG to pay Claudia Quinby, a former sales employee, $2.54 million because it retaliated after she complained of sexual harassment. The e-mail records helped proved the case in Quinby’s favor.

Brokerage firms, like all businesses, are legally obligated to hang onto all evidence, including e-mails, when they are placed on notice that they are involved in a lawsuit. Federal securities laws mandate that securities firms have to keep records for a minimum of three years.

In 2005, a jury ordered UBS AG to pay $29.3 million in damages to Laura Zubulake. UBS threw away key e-mails that it should have kept after Zubulake filed a claim with the U.S. Equal Employment Opportunity Commission.

If you are an investor who has lost money because of the misconduct of a member of the securities industry , you have the right to get your investment back. Contact the law firm of Shepherd Smith and Edwards today and ask for your free consultation.

Related Web Resources:

Morgan Stanley, UBS No Longer Can Keep Secrets: Susan Antilla, Bloomberg.com, November 27

Morgan Stanley Must Pay Millions For Withholding E-Mails, Information Week, September 28, 2007

UBS Ordered to Pay $29 Million in Sex Bias Lawsuit, New York Times, April 27, 2005

The U.S. District Court for the Southern District of New York has sentenced former Morgan Stanley Associate Randi Collotta and her husband, an attorney, to home confinement and ordered them to pay more than $10,000 in fines, plus a forfeiture, for their alleged roles in a large insider trading scheme which apparently resulted in at least $15 million of illicit profits.

At all relevant times, Randi Collotta was an associate in Morgan Stanley & Co. Inc.'s global compliance division, the indictment said. Her husband practiced law at a firm in Long Island at the time of his arrest, a source knowledgeable with the case said. The SEC charged the Collottas and 12 others with insider trading violations for using information stolen from UBS Securities LLC and Morgan Stanley.

The indictment detailed trades the Collottas allegedly made with insider information gained by Collotta at Morgan Stanley. She passed the information to her husband, who passed it to a co-conspirator, who then made trades based on the information and passed the information to a second co-conspirator, who traded on the information as well.

Mrs. Collotta was sentenced to four years' probation and her husband was sentenced to three years’ probation. Each was required to spend the first six months in home confinement. (One might wonder whether six months confinement at home with a spouse is to easy or too harsh.) Ms. Colotta must also spend 60 days in prison during the course of her probationary period.

Shepherd Smith and Edwards represents investors nationwide in claims against securities firms. We have represented investors in more than 1,000 securities cases, including many against Morgan Stanley. To learn whether we might assist you with a claim contact us to arrange a free consultation with one of our attorneys.

38 stock loan traders from A.G. Edwards, Morgan Stanley, Oppenheimer, and Nomura Securities are accused of stealing over $12 Million in stock loan kickbacks from their Wall Street firms. The Securities and Exchange Commission has charged the employees with the more than $12 million theft.

The SEC says that from 1998-2006, the traders worked with fake stock loan finders to skim profits from their employers through finder fees as well as cash kickbacks from finders. The stock loan traders conducted actual, legal stock loans but logged that the transactions involved finders, so there would be finder’s fees.

The finders were usually friends or relatives of the traders who were in charge of illegitimate “shell companies” that were not even a part of the stock loan business. The “finder” would then pay traders with kickbacks. The more sophisticated scams involved traders using their kickbacks to pay the other traders who had pushed through the loan transactions.

21 stock shell companies/stock loan finders (including a perfume salesman, a mailman, a dental receptionist, and a pharmacist) and 17 former and current stock loan traders now face SEC charges. The SEC says a few of these illegal operations took place in bars and restaurants throughout New York City where participants passed around payments worth thousands of dollars. The money was wrapped in newspapers or in envelopes.

In one case, two stock loan traders from Morgan Stanley are accused of stealing $1 million in undisclosed kickbacks from a shell company run by one of the trader’s relatives.

Federal prosecutors have filed charges of criminal fraud and conspiracy against 5 of the stock loan traders. 10 people have pled guilty in the case.

If you are an investor that has lost money because a member of the securities industry engaged in illegal activities, you should contact Shepherd Smith and Edwards today. We have helped thousands of people recover their financial losses. One of our experienced securities litigation attorneys would be happy to speak with you.

Related Web Resources:

US SEC charges 38 traders in stock loan scheme, Reuters, September 20, 2007

SEC Charges 38 Defendants in Multi-Million Dollar Stock Loan Scams, SEC.gov, September 20, 2007

Merrill Lynch will soon report third quarter earnings which analysts have revised downward. An analyst at competitor Goldman Sachs says that Merrill’s earnings for the third quarter will be about $1.80 per share, down from $1.95 and lowered Merrill's stock price target to $94 from $108. The Goldman analyst predicted that Merrill will have $4 billion in write-downs, primarily from the fixed income division, resulting in a net loss of $1.5 billion for the quarter.

Other analysts' expectations were even even lower: Fox Pitt Kelton's analyst lowered earnings per share estimate for Merrill to $1.20, from a previous estimate of $1.91, “while noting that forecasting confidence is low in periods such as these.” He also expected the firm to experience $3.5 billion “in gross negative marks and realized losses” on leveraged loans, CDOs, and mortgages resulting in $2.2 billion in net losses and attributes the more positive net loss estimate to “$700 million in hedging gains; $500 million in loan fees; and $100 million in gains on liability marks.”

Morgan Stanley reported last week that it suffered a 17 percent drop in profit compared to the third quarter last year, earning $1.44, about ten cents below analysts’ estimates, with loan losses of $1 billion the culprit.

Bear Stearns has been center stage in mortgage related investment problems which have hit the investment community. That firm reported last week that it experienced a 61 percent drop in profits compared to the third quarter last year. This was mostly caused by multi-million dollar losses in mortgage focused hedge funds.

Meanwhile, Goldman Sachs, beat all analyst’s earnings per share predictions by more than $1.50, with $6.13 earnings per share in the third quarter, claiming that credit hedging had mitigated the firms loss. Lehman Brothers reported better than expected earnings of $1.54 per share despite $700 million in losses related to the credit crunch.

In the wake of the mortgage backed securities meltdown, Congress is investigating credit rating agencies over how and why ratings on such securities failed to reflect the danger. The SEC Chairman testified that the SEC is examining whether agencies including Moodys Investors Service and Standard & Poors were “unduly influenced” by issuers and underwriters that paid for the credit ratings. A union pension fund is suing the Moody’s credit rating agency over its “excessively high ratings” of bonds backed by subprime mortgages.

Shepherd Smith and Edwards represents investors nationwide in claims against securities firms. We have represented investors in more than 1,000 securities cases, including against Merrill Lynch, Morgan Stanley and Bear Stearns. To learn whether might assist you with a claim contact us to arrange a free consultation with one of our attorneys.

The Securities and Exchange Commission has filed Morgan Stanley $7.5 million to settle charges that it provided insufficient written trade confirmations to its customers for municipal securities and bonds.

Morgan Stanley Dean Witter, Inc, a subsidiary of Morgan Stanley, furnished customers with trade confirmations that had missing or incorrect information relating to yield, call dates and/or prices and other features of the bonds, the SEC said.

This sanction by the SEC against Morgan Stanley Dean Witter comes on the heals of $10.4 million in fines against 14 other broker-dealer firms by the New York Stock Exchange over similar charges. Morgan Stanley agreed to pay the settlement without admitting or denying the commission's findings in its investigation.

Shepherd Smith and Edwards represents investors nationwide in claims against securities firms. We have represented investors in more than 1,000 securities cases, including dozens against Morgan Stanley Dean Witter. To learn whether we may be able to assist you with a claim contact us to arrange a free consultation with one of our attorneys.

Morgan Stanley to pay $7.5 mil., Reuters, October 10, 2007

Morgan Stanley says it will pay $12.5 million as part of a settlement to resolve charges that the company neglected to produce e-mails that had been lost during the September 11, 2001 terrorist attacks in New York.

The Financial Industry Regulatory Authority (FINRA) announced the settlement on Thursday. Morgan Stanley will pay $9.5 million to a fund designated for thousands of investors that have filed arbitration complaints. The remaining $3.5 million is a fine. The settlement also resolves charges that Morgan Stanley did not provide other documents required for certain arbitration cases.

Morgan Stanley will retain an independent consultant to make sure that retail brokerage clients in arbitration get specific materials that they need. By agreeing to the settlement, Morgan Stanley is not admitting to any wrongdoing.

In the past 5 years, Morgan Stanley has agreed to pay over $29 million related to withholding e-mails. The company’s e-mail servers were destroyed in New York on September 11, 2001. The World Trade Center was the headquarters for the company’s brokerage business.

Although millions of e-mails were thought lost, these e-mails had apparently been backed up on employees’ computers and other servers. In December 2006, the NASD filed a complaint against Morgan Stanley for issuing a false claim when it said it was not able to produce the e-mails.

In February 2006, Morgan Stanley said it would resolve SEC charges that the firm did not provide e-mails that were necessary for analyst research and initial public offerings by paying $15 million. Morgan Stanley and four other firms were each fined $1.6 million in December 2002 for destroying e-mails.

In 2005, a Florida state court jury told Morgan Stanley that it had to pay $1.58 billion to Ronald Perelman, a billionaire investor, because of a failed merger. E-mails that had gone missing had reappeared in this case, which resulted in the verdict. The award was thrown out, and Perelman is appealing.

FINRA says that until March 2005, Morgan Stanley had told regulators and arbitration claimants under false pretenses that the firms did not have any e-mails from before October 2001. Documents, however, show that Morgan Stanley did not look through its restored e-mails before March 2005. Until that time, Morgan Stanley had destroyed millions of e-mails by letting users delete them or overriding files.

Thousands of investors may have suffered financial losses because the e-mails were supposedly destroyed. It is not clear whether investors will want to revisit their cases.

If you are an investor that has lost money because of the fraudulent actions of a firm or individual in the securities industry, do not hesitate to contact Shepherd Smith and Edwards today. We have helped thousands of people like you recover financial losses through negotiation, arbitration, mediation, and litigation.

Morgan Stanley to Pay $12.5 Million in Compensation and Fines, Reuters, September 27, 2007

Related Resources:

Morgan Stanley

Arbitration Discovery Fund - Morgan Stanley & Co., FINRA

Regulators in Massachusetts have charged Morgan Stanley and three of its employees with illegally cold calling people that had posted their resumes on CareerBuilder.com.

According to the complaint by the stae, Arlen Fox, a Morgan Stanley broker in Boston, regularly downloaded thousands of resumes off the Web site. He and Morgan Stanley allegedly did not check to see whether the names were on “do-not-call” lists, and violated federal and state lists as a result. This alleged scam, violates Morgan Stanley’s legal agreement with CareerBuilder.com, as well as the privacy of the latter’s customers.

The resumes had valuable data, such as cell phone numbers and salary figures that Morgan Stanley should never have accessed through the site for prospecting purposes.

Assistant branch manager David Swartz, was allegedly aware of Fox’s “business practice.” Swartz and Michael Rhoads, a branch sales manager, were also charged by the state. Another Morgan Stanley employee, also at the High Street Boston office where the other three are employed, allegedly made statements about the firm’s telephone record system that was inconsistent and/or untruthful.

Secretary of the Commonwealth of Massachusetts William Galvin called the illegal activity “dishonest and ethical.” A Morgan Stanley spokesperson called the case an isolated one.

Massachusetts wants a cease and desist order against Morgan Stanley, as well as an undetermined censure and fine.

If you are an investor that has lost money because of a scam or any other illegal activities by members of the securities industry, there are legal remedies to recover your money.

Shepherd Smith and Edwards is a securities litigation law firm dedicated to helping victims recover their losses. Contact us online for your free consultation. You can also call us at (800) 259-9010 or at (713) 227-7215.

Related Web Resources:

Morgan charged over prospecting methods, Investment News, September 14, 2007

Galvin: Morgan Stanley workers raid resumes for $$, Bostonherald.com, September 13, 2007

Related Web Resources:

Careerbuilder.com

Morgan Stanley