May 21, 2015

Wife Of Deceased Shopping Network Businessman, Sues Investment Counselor For Elder Exploitation

Roy Speer, Founder Home Shopping Network

[From article]
The widow of Roy Speer, who helped start the TV shopping network, claims that Ami Forte and at least one other member of her investment team made 12,000 unauthorized trades and pocketed $40 million in fees during the last five years of Speer’s life — much of that time Speer spent in diapers, bound to a wheelchair, and in a “significant diminished mental capacity,” according to the widow’s lawyers.
The accusations have sent shock waves through Morgan Stanley, which appeared to have taken down Forte’s Morgan Stanley adviser website less than an hour after being contacted by The Post.
[. . .]

Ami Forte, 57, Investment Counselor

But Forte, 57, also had a “a close, intimate relationship” with Speer, and those allegedly unauthorized trades violated Florida’s Elder Exploitation Statute and Florida’s Investor Protection Act, according to a statement from Guy M. Burns, a lawyer for Speer’s widow Lynnda. Business Insider first reported the length of the affair.
[. . .]
Jim Wiggins, a Morgan Stanley spokesman said “We’re saying that that’s a bunch of bulls–t.”

‘Morgan Stanley adviser slept with my husband, milked account for fees’
By Kevin Dugan
New York Post
May 21, 2015 | 6:02pm

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