A top-ranked broker who managed almost $1 billion in client assets at Morgan Stanley in Tampa, Florida, will have an unblemished record to show for her 36 years in the industry thanks to an arbitration award finalized this week.
A three-person panel showed sympathy in granting Marileigh Fay Hensley, who spent all her career at Morgan Stanley and predecessor firms, expungement of a single customer claim that cropped up shortly before her retirement in January.
“It would be an injustice to Unnamed Party Hensley to have a successful career marred by false allegations ever, but even more so just before she retired,” the panel wrote, noting that the mark has “adversely affected her business and professional reputation.”
The disclosure was tied to a complaint in March 2021 from a couple who had sought $100,000 in damages over an allegedly unsuitable investment in a proprietary Morgan Stanley mutual fund wrap program called TRAK. Morgan Stanley settled the dispute for $15,000, according to a summary on Hensley’s BrokerCheck.
The panel cited Hensley’s notes from multiple client meetings that reflected her suggestions over a period of several years that the customers diversify or reallocate their TRAK holdings. The investment became an issue during the pandemic-induced market downturn in March 2020 when the couple sought to transfer non-TRAK holdings to another firm and triggered a margin call.
“We find no evidence to support any of Claimants’ claims in the statement of claim and...
NEW DELHI: German model LizLaz has claimed that some journalists offered her money to speak negatively about Virat Kohli after a recent social media controversy involving the Indian cricket star.T...