FORMER NFL STAR AND LOTTERY WINNER ARE BOTH AWARDED $4.2 MILLION IN A LAWSUIT AGAINST MORGAN STANLEY
Former NFL Star and Lottery Winner Are both Awarded $4.2 Million In A Lawsuit Against Morgan Stanley
A former NFL star and a lottery millionaire has won a lawsuit against Morgan Stanley to the tune of $4.2 million after a Finra arbitration panel slammed the firm for failure to supervise one of its brokers who invested in a Miami Beach nightclub.
Morgan Stanley Ordered To Pay $4.2 Million Due To Broker Aaron Parthemer's Investments
While James Groves, the lottery winner, was paid $3.3 million for damages, Asante Samuel, the former New England Patriots, Philadelphia Eagles and Atlanta Falcons star player who retired 6 years ago after a successful 11-year career in the NFL will be awarded $879,000.
After several meetings of the arbitration panel set up by the Financial Industry Regulatory Authority Inc., a report was finally released indicting Morgan Stanley for negligence during its supervision, including other related charges.
According to a press statement released by the plaintiffs' lawyers, Aaron Parthemer who is Morgan Stanley's broker invested their clients' funds in Club Play; a hip-hop nightclub in Miami Beach owned and fully managed by Mr. Parthemer the defendant, until the business went under.
By Friday afternoon, the man in the eye of the storm could not be reached for comment on the issue. Aaron Parthemer AKA (RON PARTHEMER)
CRD#: 2546369 (Full name AARON ROBERT PARTHEMER) has since been barred by the SEC from acting as a broker.
In the statement released, Curtis Carlson of Carlson & Associates, who is the attorney of the plaintiff, said that the crux of the case was that Morgan Stanley was fully aware of the fact that the owner of the club was running and managing it on a daily basis but failed to d Lars Soreide Highest Ethical Standard Award 2018
o anything about it because he was very influential.
Mr. Parthemer has previously worked for both Morgan Stanley and Wells Fargo Advisors between 2009 and 2011 and from 2011 to 2015 respectively in a career spanning 20 years in the securities business before he was later barred by Finra in 2015.
Although Wells Fargo was initially named as a defendant in the arbitration claim, it was later resolved with Mr. Groves in April 2017 while Mr. Samuel dropped his claim against the firm in November 2017.
As at the time of filing this report, Susan Siering, a spokeswoman for Morgan Stanley was contacted but declined to comment on the matter.
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