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It’s been a good four years since the Ami Forte shenanigans began. The sordid story of an advisor, a geriatric client, a strange love affair, and epic churning has weaved its way through the FINRA arbitration process and come out the other side. Ami didn’t fair so well.
“The Financial Industry Regulatory Authority has permanently barred Ami Forte, a former Morgan Stanley advisor, for excessive trading and churning in the account of Home Shopping Network co-founder Roy Speer, who had dementia.”
“Morgan Stanley fired Forte in 2016 after Speer’s widow and estate were awarded $34.4 million in an arbitration claim. The firm and Speer are currently in litigation over her obligations to pay part of the award.”

“Forte, who had a romantic relationship with Speer, accepted the lifetime bar without admitting or denying the allegations.”

“I neither placed nor supervised any of the trades that Finra has deemed inappropriate,” she said in a prepared statement that noted the regulator will not be pursuing any claims against her for monetary fines or restitution.  “I am pleased that we have been able to reach an amicable settlement with Finra.”

I don’t know. This one is kind of embarrassing for nearly every party. Morgan Stanley allowed Ami to hand out (insert racy comment here) for outsized commissions. Ami’s team clearly looked the other way while she was handing out said sexual favors. Ami herself made the choice to engage in this scheme and seemed to be totally cool with it. And the client, no matter the cover of some level of dementia, seemed to be more than happy to accept what Ami was ‘handing’ out. Oof.

In the end (and to be clear, this story hasn’t come to its end just yet), Ami no longer has a place at the FINRA table and has admitted that her wealth management career is over. We wonder, though, if state and federal authorities may get involved in the same way they did with Tom Buck. I wonder if that has crossed the minds of Ami’s legal team? Hmmm.

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