A top Morgan Stanley broker was placed on administrative leave following inquiries by The New York Times into years of alleged abuse of his wives and girlfriends ― conduct managers at the brokerage firm were purportedly aware of.
Four women who had been married or otherwise romantically involved with Douglas Greenberg, a Portland, Oregon-based advisor, had sought police protection against Greenberg over a 15-year period, The New York Times reported.
In seeking a restraining order, one woman said Greenberg threatened to burn down her house, according to the Times.
The report comes amid mounting scrutiny of how companies handle allegations of sexual harassment and related misconduct. Such misconduct is more prevalent in wealth management than in other industries, according to a recent SourceMedia survey of more than 3,000 individuals from a range of industries, including healthcare, accounting and consumer banking.
When asked what kinds of misconduct they’ve been subject to or are aware of in the workplace, 87% percent of women financial advisors pointed to inappropriate personal questions, jokes or innuendo. Forty-one percent of women advisors also indicated persistent unwelcome requests from colleagues and 25% identified suggestive text messages or emails.
Greenberg's alleged misconduct, however, occurred outside the workplace and does not appear on his FINRA BrokerCheck record. None of the four women who sought police protection worked for Morgan Stanley, per the Times.
Greenberg could not be reached for comment by Financial Planning. He declined to comment when reached by the Times.
Greenberg was twice charged in 2006 and 2014 with violating restraining orders taken out by ex-girlfriends. In the latter incident, he was said to have dangerously trailed an ex-girlfriends car.
"You could have placed a pizza box between her back bumper and Mr. Greenberg’s front bumper he was so close to her," a police officer from Lake Oswego, Portland, wrote in his report of the incident, which the Times reviewed.
Following his arrest in that incident, Greenberg's mug shut appeared in an online report ― and was subsequently shared among Morgan Stanley employees, according to the Times.
Several Morgan Stanley managers and compliance officials were aware of the alleged misconduct. But the firm did not take any action with regard to Greenberg, the paper reported.
Greenberg, a member of Morgan Stanley's Chairman's Club for top producers, has been with the firm since 1994, according to FINRA BrokerCheck records.
"Mr. Greenberg has been placed on administrative leave pending further review of this situation," a company spokeswoman said in a statement, which was also shared with The New York Times. "We are committed to maintaining a safe and professional work environment and will take appropriate action based on the facts of the matter."