STOCK BROKERS BANNED FROM XEROX & KODAK RETIREMENT FUNDS

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STOCK BROKERS BANNED FROM XEROX & KODAK RETIREMENT FUNDS

 user 2009-10-16 at 10:27:22 am Views: 52
  • #22446

    http://rocnow.com/article/business/200991012020
    STOCK BROKERS BANNED FROM HANDLING XEROX & KODAK RETIREMENT FUNDS
    Business – October  2009 – Former Morgan Stanley broker David M. Isabella has been banned from the securities industry for his role in mishandling the retirement nest eggs of numerous Xerox Corp. and Eastman Kodak Co. retirees.The Financial Industry Regulatory Authority, a New Jersey-based self-regulatory group for securities dealers and brokerage firms, took away Isabella’s license to practice in a ruling last month.

    Isabella did not contest the authority’s action.
    The authority previously had banned local Morgan Stanley broker Michael J. Kazacos from the securities industry for life.A number of retirees sued Morgan Stanley, Kazacos and Isabella in 2008, charging that they lost much of their retirement savings on bad investment advice from the two Rochester brokers.

    Morgan Stanley this spring agreed to pay more than $7 million to settle some of the claims.
    Perinton attorney Robert J. Pearl, who is representing close to 90 such retirees, said their claims for other compensation currently are going through arbitration with the regulatory authority.