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Morgan Stanley sacks elite advisor over abuse allegations

Morgan Stanley fired Portland, Oregon, financial adviser Douglas Greenberg following a report that several women had accused him of physical abuse.

Morgan Stanley by Bloomberg

His employment was terminated after a review of the allegations, Christine Jockle, a spokeswoman for the New York-based investment bank, said Tuesday. Greenberg had been placed on leave last week.

The New York Times had reported that four women obtained restraining orders against him over a period of 15 years and he had been arrested in connection with some of the cases. The bank was aware of the allegations against Greenberg for years and kept him on staff, the newspaper said. The Times reported the firing earlier Tuesday.

“We believe that our employees should behave in a manner consistent with the trust our clients place in us and our firm’s values, which include treating women, and indeed everyone, with dignity and respect,” Jockle said in an email. “We have undertaken steps in recent years to ensure that issues such as this are properly escalated. However, in light of current events we must and will do better.”

Attempts by Bloomberg to reach Greenberg weren’t immediately successful. The allegations previously reported are the result of “a personal estrangement and vendettas,” the New York Times cited Greenberg as saying in an email. “Everyone deserves to be treated with respect. I have always tried to do that in my personal and professional relationships,” he said, according to the newspaper. “I am proud of my record as I know that I have always served our clients with integrity,” the newspaper cited him as saying.

Greenberg was an executive director in the wealth-advisory business after joining Morgan Stanley in 1994, according to his LinkedIn profile. His FINRA records show two criminal charges, theft in 1984 and criminal mischief in 2001, both of which were dismissed.