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Senior Morgan Stanley FA Leaving After Alleged “Ethnically Insensitive” Remark

May 8, 2018

Allegations of an inappropriate, “ethnically insensitive” remark have led to the quick departure of a senior Morgan Stanley broker in Boca Raton, Fla., AdvisorHub claims, citing a “well-placed source.”

Larry Goldstock had been with Morgan Stanley and its predecessor firm Smith Barney for 22 years, according to the industry news website. The Atlantic Group, Goldstock’s 12-advisor team at Morgan Stanley’s Graystone Consulting, oversaw around $4 billion on behalf of foundations, endowments, unions and corporate retirement plans, such as the American Maritime Officers and the Seafarers International Union, AdvisorHub writes. And it was allegations of “inappropriate comments” Goldstock made to an employee at one of the corporate plan sponsor clients that led to him being “eased out” of the firm, the source tells the website. Both Goldstock and a Morgan Stanley Wealth Management spokeswoman declined comment to AdvisorHub.

(Getty)

If the allegations against Goldstock turn out to be true, it would signal a tougher stance at Morgan Stanley on questionable behavior among its advisor ranks. Last month, following a report in the New York Times about the alleged history of physical abuse by Douglas Greenberg, one of its top producers, the company put him on administrative leave.

By Alex Padalka
  • To read the AdvisorHub article cited in this story, click here.