Morgan Stanley Fires Two Boston Brokers for Alleged Theft
Morgan Stanley has dismissed two brokers in Boston, including one with 21 years of big-firm experience, for allegedly stealing client money, according to registration records.
James Polese and Cornelius “Cory” Peterson were fired on June 26 over “allegations of conduct involving misappropriating client assets,” according to their BrokerCheck reports.
Polese, who had the title of senior vice president at Morgan Stanley, according to his LinkedIn profile, did not respond to a message left for him at his home. Peterson did not respond to e-mail messages.
A spokeswoman at the company declined to comment.
Polese and Peterson had worked at Morgan Stanley’s 53 State Street branch for seven and six years, respectively, as members of the Willing Group. That team is led by James R. “Bob” Willing and John H. Buck III, whose website says they have worked together in the financial services industry since 1960 at firms that include Hornblower & Weeks and Loeb Partners.
Polese has worked with the group since 1995, moving with them from Wachovia Securities (and its Prudential predecessor) to UBS Wealth Management in 2004 and to Morgan Stanley in 2010. Peterson began his career in 2011 at Morgan Stanley.
Reached at his office, Willing declined to comment.
The only indication of impropriety on Polese’s BrokerCheck record, aside from the termination notice and a 1986 college misdemeanor plea, is a customer complaint in late May alleging misrepresentation of managed account fees over the previous 16 months and seeking unspecified damages. The case is pending.
Peterson’s record is clean, except for the dismissal notification.