About $400 million has to be paid by one of the most prominent American investment firm, specializing on wealth management because of the lawsuit, filed against it…
When love costs $400 million: Morgan Stanley faces financial problem due to amour-scandal.
About $400 million has to be paid by one of the most prominent American investment firm, specializing on wealth management because of the lawsuit, filed against it.
Such a huge amount of money is a punishment for a notorious love affair of Morgan Stanley’s consultant Ami Forte and Roy Speer, owner of Home Shopping Network. Man died 3 years ago, and during the last years of his life he was all into work to manage his company with Forte’s help, despite considerable mental and physical disease.
Roy’s widow, and, additionally, the firm’s cofounder, Lynnda Speer, found out that the bank has conducted over 12,000 unlawful operations, using her husband’s account. At the same time, Ami had personal access to Roy’s money and assets, which in general was $185 million big.
According to Lynnda’s lawsuit, she demands $100 million as a compensation for such a fraud and an additional $300 million as a punishment for losses. But the company itself, thought this lawsuit would cost her only $170 million. And the end fine probably will be bigger than the mentioned one because law in Florida is very strict about work of older people.
In the meantime, Lynda isn’t available for comments, nor are her lawyers.