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Stories of Interest
- Deutsche Bank ‘Beyond Repair’ as Trading Drops - Autonomous Research
- Guggenheim Partners CEO Might Step Down
- Wachovia Customer Sues Wells Fargo Over FundSource Losses - Bill Singer
- Credit Downgrade for Wells Fargo Due to Fake Account Scandal
- CFTC Commissioner Quintenz Named Sponsor of the Technology Advisory Committee
- Harbour and Geneos Customers Win FINRA Arbitration Against Stockbroker - Bill Singer
- Equifax Suffered a Hack Almost Five Months Earlier Than the Date It Disclosed
- The World’s Biggest Wealth Fund Hits $1 Trillion
- At Jefferies, Like Wall Street, Trading Cedes to Banking
- Ex-SAC Trader Who Pleaded Guilty to Insider Trading Just Remembered He’s Innocent
- JPMorgan Turns to Amazon for Retail 'Customer Experience'
- Goldman Sachs Names Ken Hitchner as New Chairman for Asia Pacific
- Judge All but Tosses SEC Case Against ‘Rogue’ Trader And Ex-FBI Informant Guy Gentile
- 'Boys are #1 Among NFL's Most Valuable Teams
- Fake Tax Returns - Your Next Worry After the Equifax Breach
- FINRA DR Recruiting Arbitrators, Mediators at Congressional Black Caucus Conference
- JPMORGAN: Here's who we think will replace Warren Buffett at Berkshire Hathaway
- Mueller to Search Facebook for Russia-Linked Accounts
- Mark Gomes, Market Analyst and Trade Scalper Settles with SEC
- Equifax Waives Credit Lock Fees For Consumers, Amid Criticism
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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]