Police arrested a 90-year-old Morgan Stanley financial advisor in Oklahoma City after the man allegedly shot his business partner inside one of the firm’s branches, according to news reports.
An unnamed Morgan Stanley employee says that the advisor, Leonard Bernstein, showed up unexpectedly at the Morgan Stanley offices at the Waterford business complex in Oklahoma City, local TV news channel News on 6 reports. The employee says she heard several gunshots and saw Bernstein pointing the gun at the unnamed victim, according to the TV news channel.
The victim was left in critical condition, News on 6 writes.
Bernstein, meanwhile, calmly left the branch and drove away, witnesses told the TV channel.
“Police arrived, they found one person shot multiple times,” Sgt. Dillon Quirk of the Oklahoma City Police Department told the TV news channel.
“The victim was transported to a local hospital expected to be OK, expected to survive,” he added, according to News on 6.
Bernstein was later apprehended by police, taken to the police station, interviewed and booked into the Oklahoma County Detention Center, Quirk also told the TV news channel. Morgan Stanley terminated his employment following the incident, according to a spokesperson.
Bernstein, who’s out on a $50,000 bond, could face charges of shooting with intent to kill, according to News on 6.
Witnesses said that Bernstein and the victim had worked with each other for nine months. Due to declining health, Bernstein had transitioned his accounts to the partner, the TV news channel reported, citing an affidavit with witness statements to investigators about a possible motive.
Security representatives for Morgan Stanley told News on 6 Friday that they couldn’t discuss the details of the incident due to the ongoing investigation.
On Tuesday, a Morgan Stanley spokesperson told Financial Advisor IQ, "We are cooperating with the authorities and our thoughts are with our employee.”
Bernstein first registered as a broker and investment advisor with Morgan Stanley in 1994 but left the firm for Citigroup Global Markets in 2004, according to his BrokerCheck record.
He returned to Morgan Stanley in 2007, then left for Wells Fargo in 2012, only to return to Morgan Stanley again last September, according to his record.
Bernstein has no disclosures on his 27-year record with the industry, according to BrokerCheck.
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