![]() ![]() In fact, the evidence showed Paladino’s grid payout was lowered to such a point that for the past year he barely earned anything after repaying Morgan the annual amount required to pay the taxes on the up-front, forgivable loan he received when he joined the firm. Paladino, in turn, never had the opportunity to service Vitale’s clients and never earned the revenues he would have earned, as promised, on the combined book. Vitale never was made a sales or a branch manager and was forced to continue to work his book. After they successfully transitioned their combined books to Morgan and earned a bonus for that successful transition, they alleged Morgan simply ignored all promises made to them during the recruitment process. ![]() Through oral and written assurances, the firm promised Vitale he would become a salaried sales manager and then a branch manager for Morgan Stanley and promised Paladino he would take over their combined book of business. Paladino, who work in MSSB’s Rancho Santa Fe office, alleged they were recklessly and negligently lured to leave their long time positions at UBS to join Morgan Stanley six months before the early 2009 joint venture between Morgan and Smith Barney. Morgan Stanley Smith Barney, LLC, FINRA Case No. The junior team member, in turn, was promised he would take over and be compensated for the combined book, which Morgan estimated would generate approximately $700,000.00 in annual gross commissions based upon their combined trailing twelve. The two former UBS brokers, who continue to work for Morgan Stanley’s successor, Morgan Stanley Smith Barney (“MSSB”), were promised by senior level Morgan management during the recruitment process that the more experienced member of the team would transition into a salaried management role within six months of transitioning his book to Morgan. San Diego, CA - Shustak Reynolds & Partners, P.C., announces that it obtained a FINRA Panel award of $5 million dollars for a team of two San Diego based financial advisors who were recruited by Morgan Stanley and falsely induced to leave their positions at UBS in the summer of 2008. ![]()
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