Ex-Morgan Stanley Broker to Keep $1.2 Million Promissory Note

The Financial Industry Regulatory Authority (FINRA) ruled a former employee of Morgan Stanley, Matthew Celenza, must pay back the bank $1.7 million in promissory notes. Celenza alleged in a counterclaim that the firm committed fraud, negligent misrepresentation and breach of contract, among other transgressions. Celenza argued that Morgan Stanley “did not treat him fairly” when it took over Smith Barney, which is where Celenza had been a registered broker for 13 years. He also claimed that loans to high-net-worth and private-equity customers caused him to miss out on millions of dollars in revenue. The firm had sought $2.9 million in repaid promissory notes from Celenza.

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