True, this grinning bankster chick didn’t kill anybody. She just ripped off a widow of some $400M — after sleeping with the woman’s husband (wonder what he died of? Did they do a thorough tox on him?).
But that’s OK, because the in-the-bank’s-pocket arbitrator awarded the ripped off widow almost 10% of what Sunshine here and the bank ripped off. Well, that’s all okay then.
Three years ago, Ami Forte was Morgan Stanley’s top woman adviser, managing more than $2 billion and was a high-flying member of the bank’s exclusive Chairman’s Club.
Now, after losing a brutal arbitration case this week that cost her and the bank $34 million for making excessive and unauthorized trades in the account of her now-dead client and alleged lover, she’s been kicked out by the bank.
“It’s not us, and it’s not Wall Street in general. It’s that one bad actor.” Yeah, keep telling us that.
Forte, of Palm Harbor, Fla, who joined the bank in 2000, was out just days after an arbitration panel found that she was responsible for years of improper trading, industry Web site Advisorhub.com first reported.
The Financial Industry Regulatory Authority ruled on Monday that Forte, 58, and her manager, Terry McCoy, were found to have made 12,000 improper trades and pocketing $40 million from the account of Roy Speer, the co-founder of the Home Shopping Network, who died in 2012.
They didn’t even have to give back all $40M that Morgan Stanley’s own owned-and-operated arbitrator said they stole. They got to keep $6M — a 15% commission on theft. Hey, when was the last time Morgan Stanley, or anybody, offered you 15% on anything?
Sorry, that’s a special deal for insiders. And you’re not one of ’em.
Speer’s widow Lynnda accused Forte of carrying on an affair with Roy until at least 2011. She had originally sought more than $400 million, and is looking to collect lawyer’s fees in Florida court.
Of course, because it’s a New York paper, and stealing outsiders’ money by financial manipulation is the big industry in a company town, the story is all about how bad this is for poor Ami Forte. It’s like, fired by Morgan, what does she do now?
She’s probably already back at work. She’s displayed the character everyone has learned to associate with Goldman Sachs, and they’re hiring (they need someone to fill in stealing from the customers whilst Ted Cruz’s wife is out on the campaign, after all). Hell, the Clinton Foundation is hiring, and so is Chelsea’s husband’s son-of-Federal-inmate- hedge fund.