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Stories of Interest
- Deutsche Bank Is Weighing Massive Cuts in Its U.S. Cash Equities Unit
- Richard Jenrette, Co-Founder of DLJ Investment Bank, Dies at 89
- Goldman Sachs Makes First Hire in Cryptocurrency Markets Unit
- Special FINRA Election to Fill Large Firm Governor Vacancy
- Chicago-Based Investment Adviser Sentenced to 151 Months in Prison - SEC
- Dun & Bradstreet Hit With FCPA Violations - SEC
- SEC Charges Additional Defendant in Fraudulent ICO Scheme
- Warren Buffett Simply Blew it on Wells Fargo Stock: Dick Bove (Video)
- Barclays and Deutsche Bank to Lag U.S. Trading Peers
- NY AG Schneiderman Seeks to Close Loophole That Could Let Trump Pardons Block State Charges
- 'Fearless Girl' is Moving to NYSE After Year Staring Down 'Charging Bull'
- What's In Your Wallet - American Express Shares Soar After Earnings Release
- Deutsche Bank's Executive Departures Continue Following Change in CEO
- Reflections of an Economist Commissioner (SEC's Piwowar)
- Billionaire HF Manager and The Fed Chair Runner-Up are Investing in New Cryptocurrency
- Court Finds 2 Brokers Liable for Fraud Involving Mortgage-Backed Securities
- One FINRA: An Organization’s Commitment to Diversity and Inclusion
- 2018 GASB Accounting Support Fee to Fund the Governmental Accounting Standards Board
- Barclays Eyes Move Into Cryptocurrency Trading
- Goldman Breaks From Wall Street Pack with Bond-Trading Boom
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NEWSLETTERS & ALERTS
NBA, NFL Stars Hit Morgan Stanley, Wells Fargo with Arbitration Claims
Arbitration claims continue to flow in against Aaron Parthemer, a former financial adviser to NFL and NBA star athletes who worked for Morgan Stanley and Wells Fargo. FINRA barred the rogue broker from the industry in April 2015, but that was way after he mismanaged several clients’ finances and, in some cases, solicited clients to invest in his nightclub, which he owned from 2009 to 2012.
So, too, arbitration claims pouring in against Parthemer’s former employers, Morgan Stanley and Wells Fargo. Parthemer, who entered the industry in 1994, worked 2-1/2 years for Morgan Stanley Smith Barney (June 2009 to November 2011) and 3-1/2 years for Wells Fargo Advisors (October 2011 to May 2015). Parthemer also worked 2-1/2 for Citigroup Global Markets, the predecessor to Smith Barney.
New Claim: Two NFL players, Arizona Cardinals safety Antoine Bethea and former NY Jets linebacker Antwan Barnes filed $1.8 million in claims against MS and WF, accusing the firms of failing to supervise Parthemer. [Financial Planning]
Pending Claim: NFL cornerback Asante Samuel and Mega Millions lottery winner James Groves are jointly seeking $7.8 million in damages against Morgan Stanley in a pending arbitration case. [On Wall Street]
Awarded Claim: Former NBA player Keyon Dooling and former NFL player John St. Clair were awarded $819,000 in May 2016 in an arbitration case against Morgan Stanley. [Investment News]