Ami Forte, once a star Morgan Stanley advisor with over $2 billion in assets under management, is out at Pinnacle Investments as of October 17, according to her.
Forte’s departure comes two weeks after FINRA’s announced expansion of its January Wells Notice, which informed Forte of FINRA’s preliminary decision to discipline her for violations of industry rules. Theincludes potential violations of rules related to conflicts of interest, fraud, unsuitability of recommendations, municipal securities, and books and records.
Forte’s departure from Morgan Stanley was blogged about inin June, after a FINRA arbitration panel entered an award of over $34 million against Morgan Stanley, Forte, and Terry McCoy based on findings of unauthorized trading, churning, breach of fiduciary duty, fraud, negligence, unjust enrichment, and elder abuse.
The claimant in that case was the estate of Roy Speer, founder of the Home Shopping Network. Forte was terminated by Morgan Stanley following the allegations but was hired in March by Pinnacle Investments as its chief business development officer.
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