Sneaky Switcheroo

Unbeknownst to her, William Blair client Josephine DesPart’s account status was changed from non-discretionary and commission-based to discretionary and fee-based. On top of it all, the two former William Blair brokers set up a fake email account where her account statements were shifted. The two brokers defended themselves against the 88-year-old widow’s lawsuit, explaining they didn’t intend to conceal transactions from her. Attention Morgan Stanley Smith Barney clients: the two brokers in question, William Ross and Brian Kasal are now employed there, so keep an eye on those accounts. See the Investment News story here.

November 21, 2009 In: Uncategorized Comments (None)