Head of Large Morgan Stanley Graystone Team Takes Quick Leave
The senior broker on a large Morgan Stanley team in Boca Raton, Florida, is being eased out following allegations of having made inappropriate comments to an employee of a corporate plan sponsor client, according to a well-placed source.
Larry Goldstock, whose team at the firm’s Graystone Consulting Group unit helps manage around $4 billion for corporate retirement plans, foundations, unions and endowments, is negotiating a retirement payout following an internal investigation, the source said.
Reached Friday on a personal phone number, Goldstock declined to comment on his status on the allegation that he agreed to resign following an internal investigation of an alleged ethnically insensitive remark.
His exit after 22 years at Morgan Stanley and its Smith Barney predecessor would punctuate a period of high turnover at Graystone, including the voluntary departure last month of its leader, Marc Brookman, to become deputy chief executive of Schroders PLC U.S. operations.
If the allegations about inappropriate remarks are true, it underscores a growing intolerance in corporate America for deprecating language and behavior. In a particularly egregious example, Morgan Stanley last month fired Doug Greenberg, a top producer in Portland, Ore., who was accused of physical abuse by his former wives and girlfriends, according to an expose in The New York Times.
“[I]n light of current events we must, and will, do better,” a Morgan Stanley Wealth Management spokeswoman told the paper.
The spokeswoman declined to confirm Goldstock’s departure or to comment on his social media presence. His Instagram account, under the handle @LRGSSB, includes photos of scantily clad women and postings that lampoon Democratic politicians.
Goldstock, a 1982 graduate of Cornell University, began his brokerage career in 1995 after working in the factoring business and a stint running a restaurant in New Hampshire, according to a Morgan Stanley webpage biography. It says he is a first vice president and one of 135 advisors with the title “corporate client group director.” The title honors advisors who “are carefully selected and trained according to what we believe is the highest standard in the industry,” the firm says in advertisements aimed at corporate plan sponsors.
Goldstock’s practice, The Atlantic Group, includes 11 other advisors and seven client associates who operate out of Winter Park, Orlando and Boca Raton, according to the team website. Clients included the 401(k) plan for the American Maritime Officers and the Seafarers International Union.
Goldstock’s BrokerCheck report has two customer dispute disclosures dating back to 2002 and 2003, one of which was denied and another that settled for $16,000.