Morgan ‘affair’ not over
Home Shopping Network billionaire Roy Speer’s investments were once handled by Ami Forte of Morgan Stanley, and she made tens of millions buying and selling on his behalf.
Since fired by Morgan Stanley, Forte is now fighting back.
Forte and Speer shared a years-long love affair — and, after he died in 2012, widow Lynnda Speer alleged that Forte put through approximately 12,000 unauthorized trades in Roy Speer’s accounts, generating commissions of nearly $40 million.
An arbitration panel ruled in March that Morgan Stanley and Forte were guilty of unauthorized trading in Roy Speer’s accounts, among other abuses.
Lynnda Speer was awarded $32.8 million, and Forte was axed. Now Forte has filed an arbitration case challenging that dismissal.
“We were very, very dear friends. … [T]here was a time when it was more than that,” Forte said on Monday of her relationship with Roy Speer.
A Morgan Stanley spokeswoman said Forte failed to contribute to the award, didn’t repay “sums lent to her in connection with her employment,” and the firm rejected other Forte claims. as well.