“These were heavily traded accounts for years. Roy Speer considered himself an expert in calling markets and he liked to engage in heavy trading,” said Pearl. “Morgan Stanley offered him the opportunity to open up managed accounts so he would not be charged based on the trading within his accounts, but he wanted control of his investments. I don’t think any of the news reports have mentioned that these accounts made money, despite the commissions and heavy trading.”

Furthermore, Pearl asserts that McCoy knew about the trading within Speer’s accounts, as did his supervisors.

Numerous reports indicate that Forte engaged in a romantic relationship with Mr. Speer. While Pearl did not confirm or deny the affair, he did note that Forte stepped away from managing and trading within Speer’s accounts in 2007, at least four years before the excessive trading alleged in Finra’s complaint took place.

“Ami knew these accounts were heavily traded and that they had been for years, but she gave up trading responsibility years before this happened,” said Pearl. “Chuck Lawrence was handling the accounts, with Terry McCoy, each of whom were meeting with the customer three times a week in McCoy’s office.”

It was Speer’s widow, Lynnda Speer, with whom he “did not have a good relationship,” according to Pearl, who complained about the excessive trades, culminating in litigation against Morgan Stanley with Forte and McCoy as co-defendants.

Forte also separated herself from Morgan Stanley’s efforts to revamp Speer’s estate plan, says Pearl.

Instead, it was McCoy who allegedly participated in drafting a new plan that Pearl says would have appointed him trustee of two large trusts after Speer’s death, generating millions of dollars in fees, while reducing his widow’s inheritance.

“All of this is known to Morgan Stanley,” said Pearl. “They also know that this is not the first time that Terry McCoy attempted to have himself named as a beneficiary in a customer’s estate plan.”

Pearl also questioned the timing of Finra’s filing, dated June 13.

In March 2018, Finra awarded $34 million to Speer’s estate after arbitrators found that Morgan Stanley’s representatives were responsible for excessive trading when dementia hampered his ability to make financial decisions. During the arbitration, Morgan Stanley assured Forte that her job was safe, according to Pearl.