A married couple who once worked at Morgan Stanley have filed a whistleblower lawsuit against their former employer after alleging they were dismissed after bringing harmful company information to the attention of the SEC.
According to the lawsuit filed by James Boland and Jaime Feldman-Boland, the pair witnessed colleagues illegally making trades without a license and cold calling potential investors using misleading information that promised 15% returns on risky investments.
The Bolands filed whistleblower complaints with the SEC in July 2011 and met with FINRA investigators in August 2011. FINRA began an audit of Morgan Stanley shortly thereafter. Within a few weeks of the investigation commencing, Jamie Feldman-Boland was terminated. Shortly after, James Boland was fired in November of 2011.
Morgan Stanley’s attempt to dismiss the lawsuit was recently unsuccessful and the case will proceed under the whistleblower provisions of the Dodd-Frank Act and Sarbanes-Oxley Acts.
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