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Two San Diego County stockbrokers have won an arbitration judgment against Morgan Stanley Smith Barney. The brokers charged they were wooed from remunerative posts at brokerage UBS by false promises. Todd Vitale, who was awarded $2.6 million said that Morgan Stanley told him he would get a salaried management position. John Paladino, who was awarded $2 million, would get to take over Vitale's stock brokerage business. But it never happened. Vitale and Paladino charged fraudulent and negligent misrepresentation, among a number of accusations. A Financial Industry Regulation Authority (FINRA) panel sided with the two brokers. Law firm Shustak Frost & Partners, which was awarded $365,000 in fees, represented the brokers.
Two San Diego County stockbrokers have won an arbitration judgment against Morgan Stanley Smith Barney. The brokers charged they were wooed from remunerative posts at brokerage UBS by false promises. Todd Vitale, who was awarded $2.6 million said that Morgan Stanley told him he would get a salaried management position. John Paladino, who was awarded $2 million, would get to take over Vitale's stock brokerage business. But it never happened. Vitale and Paladino charged fraudulent and negligent misrepresentation, among a number of accusations. A Financial Industry Regulation Authority (FINRA) panel sided with the two brokers. Law firm Shustak Frost & Partners, which was awarded $365,000 in fees, represented the brokers.
Cha-CHING! But they probably should be given that award if they were scammed.
The brokers claimed that they were made false promises in the wooing process -- what amounts to a scam. Best, Don Bauder
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