A federal judge ordered a former Morgan Stanley financial advisor to return client information to the firm and prohibited him from soliciting his prior clients because he subverted the firm's ability to reach those clients.
Reuters reports that Denis O'Brien, who worked at Morgan Stanley for nine years before his sudden departure for Raymond James Financial on 25th October, changed 206 client telephone numbers in the Morgan Stanley contact management system before he left, causing 'irreparable harm' to the firm, the decision read.
'O'Brien's deliberate sabotage of Morgan Stanley's client records deprived customers of the right to make an informed decision to either maintain their account at Morgan Stanley or transfer their account to Raymond James', read the decision, published 6th November, by Judge Vanessa L. Bryant of the U.S. District Court for the District of Connecticut.
The court's order that O'Brien surrender all information on his former clients and not solicit them did not apply to the roughly 15 clients who had already followed O'Brien to Raymond James as of 4th November, the decision read.
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