Morgan Stanley is seeking to bar a 90-year-old financial adviser from its facilities after he was accused of shooting a co-worker at the company’s Oklahoma City offices last week.
Leonard Bernstein shot Chris Bayouth as many as five times in the torso, back, leg and foot on Thursday, according to the Oklahoma City Police Department. Bayouth was hospitalized for his injuries and Bernstein was apprehended later the day of the incident and charged with shooting with intent to kill, according to the police.
Bernstein has since been released on $50,000 bail. Attempts to reach Bernstein were unsuccessful, with two phone numbers associated with him disconnected. A county jail spokesman said no lawyer was listed for Bernstein.
Morgan Stanley, which fired Bernstein on Friday, sought a restraining order on Tuesday in Oklahoma County District Court, seeking to bar him from the firm’s offices and having any contact with former colleagues. The bank said that he “remains a grave threat to the health and safety of Morgan Stanley’s employees and customers,” according to a court filing.
“We are cooperating with the authorities and our thoughts are with our employee,” Morgan Stanley said in a statement.
Bernstein joined Morgan Stanley last year, according to the Financial Industry Regulatory Authority’s BrokerCheck. Bayouth joined the New York-based firm in 2009.
New chief executive Rich Steinmeier replaced Dan Arnold on October 1.
The global firm is navigating a crisis of confidence as an SEC and DOJ probe into its Western Asset Management business sparked a historic $37B exodus.
Beyond returns, asset managers have to elevate their relationship with digital applications and a multichannel strategy, says JD Power.
New survey finds varied levels of loyalty to advisors by generation.
Busy day for results, key data give markets concerns.
A great man died recently, but this did not make headlines. In fact, it barely even made the news. Maybe it’s because many have already mourned the departure of his greatest legacy: the 60/40 portfolio.
Discover the award-winning strategies behind Destiny Wealth Partners' client-centric approach.