Ami Forte
Two years after she was fired by Morgan Stanley, Ami Forte has been hired as the new head of business development at Pinnacle Investments.
Forte lost her job at the wirehouse when an arbitration panel ordered her, her branch manager and Morgan Stanley to pay $38 million to the estate of Home Shopping Network co-founder Roy Speer in 2016. Lynnda Speer, the entrepreneur's widow, argued that the estate had been harmed by unauthorized trading, churning and elder abuse.
Separately, FINRA said on Jan. 25 that, "its preliminary decision is that disciplinary action should be brought against Forte" concerning potential violations of rules tied to excessive trading, suitability and high standards of commercial honor, according to her BrokerCheck records.
Forte, though, maintains that she engaged in no wrongdoing and did not trade in the Speers' accounts being investigated by regulators. At Morgan Stanley she had $2 billion in assets under management, was a member of the Chairman's Club for 15 consecutive years and reached No. 1 on Barron's Top 100 Women Financial Advisors list two years in a row. She was also the first female FA to be named managing director of the firm.
In issuing its press release and gushing over her accomplishments, Pinnacle seemed to say that it is has no problem with the legal, compliance and other issues that have put Forte in the spotlight.
