Ex-Morgan Stanley Financial Adviser Stuck With Arbitration Loss

A long-time former Morgan Stanley financial adviser in Ohio who challenged the company’s decision to reprimand him for violating financial disclosures and other rules failed to show an arbitrator disregarded the law in ruling against him, a federal judge in Dayton ruled.

Richard “Rip” Hale worked for Morgan Stanley for 34 years, during which he was a “top producer” and received multiple awards, the U.S. District Court for the Southern District of Ohio said. But he ran into trouble when the company reprimanded him repeatedly over the span of four years, culminating in his removal from Morgan Stanley’s “Chairman’s Club” ...