A Finra arbitration panel has denied a claim from the mother of a former NBA player against her son and Morgan Stanley over ownership of several accounts, the industry’s self-regulator says.
Freida Wesson Bosh, the mother of former Toronto Raptors basketball player Christopher Wesson Bosh, filed a claim in March 2017 naming Morgan Stanley, several of its brokers and her son, according to an award document published by Finra. She alleged breach of contract, unauthorized discretionary trading, conspiracy, fraud and several other violations related to her requests to transfer funds from Morgan Stanley accounts held jointly with her son, the regulator says. Freida Bosh sought between $18 million and $28 million in damages, according to the award document.
Christopher Bosh then filed a claim in October 2017 naming Morgan Stanley, former Morgan Stanley broker Jeffrey David Wiseman and his mother, alleging fraud, breach of contract and failure to supervise, among other violations, related to his allegedly being refused access to his accounts, the regulator says. In the same claim, Christopher Bosh also accused True Capital Management of inappropriate investments and causing wrongful withdrawals, according to the award document. He requested damages of no less than $1 million, according to the award document.
The two claims were eventually consolidated, Finra says.
Last week, the arbitration panel awarded all three of the Morgan Stanley accounts to Christopher Bosh and ruled that his mother’s name be removed from them, in addition to denying her claims in their entirety, according to the award document. However, the arbitrators also denied Christopher Bosh’s all other claims, Finra says.
They also denied Wiseman’s request for expungement of the arbitration from his record and dismissed a request for expungement from Bradley James Dykes, one of the brokers named in Freida Bosh’s claim, and ordered all parties to pay their own costs and expenses, according to the award document.
Morgan Stanley discharged Wiseman in 2015 over allegations of “password sharing and non-completion of firm mandated trainings,” and he never registered with another firm, according to his BrokerCheck profile.
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