Broker bankrupted in kangaroo court

He’s turning 50. He’s got a wife and three kids. And this is where he’s landed after losing an arbitration with his former employer before his industry’s self-regulating body, the Financial Industry Regulatory Authority.Mensack claimed he was forced to leave Morgan Stanley MS -0.27%    after he accused the firm of taking hidden fees from its retirement-account customers. In July, a Finra panel ruled against this would-be whistleblower and ordered him to pay Morgan Stanley $1.2 million, essentially demanding most of his bonus back after quitting, plus interest and legal fees.Unfortunately, he can’t stop taking the word “fiduciary” literally. A commissioned U.S. Army officer, he taught philosophy and ethics at the U.S. Military Academy in West Point.

Read More...