Here's what's most outrageous, from the widow's lawyers: "The salacious details of the case involving their relationship were largely shielded from the public because Finra arbitrations are held in closed private sessions."
Look, where do you get off, Wall Street? If someone is involved in a multimillion-dollar fraud case that includes "salacious details," we have a right to know what they are! This is America, for Pete's sake! The whole media sector of the economy could collapse if all salacious details were kept secret. Even the coverage from the poor New York Post, the salacious-details paper of record, was woefully devoid of salacious details! The best that CNBC.com could do was run a stock photo of lipstick prints on the collar of a shirt.
Anyway, Morgan Stanley took issue with the award, saying that the trades were profitable for the client and that the portfolio was managed in accordance with his wishes.
It's also notable that it doesn't appear as if Forte has been fired. Why not? Our best guess is that this case has actually been good for client prospects -- with many 80-year-old millionaires calling to inquire about the true meaning of "full- service brokerage."
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