Broker Investigation: Ami Forte

Ami K. Forte (CRD#: 2457536) is a former broker and registered investment advisor. From 2009 to 2016, Ms. Forte was employed at Morgan Stanley based at a branch office in Palm Harbor, Florida. More recently, this broker was associated with Pinnacle Investments, LLC in Syracuse, New York. A firm that she left in October of 2018.

On March 23rd, 2016, Ami Forte was terminated by Morgan Stanley following allegations that she failed to adhere to industry rules and internal brokerage firm policies regarding the use of trading discretion and the timely reporting of liens. Notably, Ms. Forte vigorously disputes the allegations against her.

In January of 2018, the Financial Industry Regulatory Authority (FINRA) made a preliminary finding against former Morgan Stanley broker Ami Forte. Once again, BrokerCheck records indicate that Ms. Forte denies all wrongdoing in this case. However, ThinkAdvisor reports that FINRA is now expanding its recommendation that disciplinary action be taken against Mr. Forte.

Allegations of Broker Misconduct: Former Morgan Stanley Financial Advisor Ami K. Forte

In its initial January 2018 disciplinary findings, regulators noted that it believed that ex Morgan Stanley broker Ami Forte violated FINRA Rule 2010, failing to uphold the highest level of commercial honor due to the fact that she made excessive trades (churned a brokerage account) and made unsuitable investment recommendations.

On October 3rd, 2018, FINRA updated its Wells Notice for Ms. Forte. The agency is now also alleging several additional potential securities law violations. First, FINRA contends that Ms. Forte had inappropriate, undisclosed conflicts of interests. Further, FINRA also alleges that she used schemes to defraud investors.

It should be noted that in 2016, a Tampa, FL-based FINRA arbitration panel ordered Ami K. Forte, her manager Terry Lee McCoy, and Morgan Stanley to pay $38 million in financial restitution to a former customer of the brokerage firm. Mr. McCoy has since been barred from the securities industry.

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