STOCK BROKERS BANNED FROM XEROX & KODAK RETIREMENT FUNDS

[Anonymous]

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.

[Author]

October 16, 2009 at 10:28 AM