90-year-old Morgan Stanley broker arrested after shooting business partner

90-year-old Morgan Stanley broker arrested after shooting business partner
Leonard Bernstein is accused of shooting his 61-year-old colleague multiple times in an Oklahoma City branch office.
JUL 05, 2022

A 90-year-old Morgan Stanley broker has been accused of shooting a colleague multiple times in an Oklahoma City branch office, according to local news reports.

Police say Leonard Bernstein walked into the office last Thursday and shot Chris Bayouth, 61, several times before driving away. Bernstein was later arrested in a traffic stop and charged with shooting with intent to kill, police records show.

Witnesses told investigators that Bernstein and Bayouth had worked together for nine months and that the elderly man was handing his accounts to the younger business partner, a local news channel reported. It’s unclear what went wrong, police said.

Bayouth was rushed to a local hospital and is expected to survive.

Bernstein joined Morgan Stanley in 2021 after nine years with Wells Fargo Clearing Services, BrokerCheck records show. He first registered as a broker in 1994 with Morgan Stanley before moving to Citigroup Global markets in 2004. He returned to Morgan Stanley in 2007 and was part of a $1.1 billion team that moved to Wells Fargo in 2012.

Bernstein’s BrokerCheck record shows no disciplinary actions, discharges or investor complains in his 28-year career.

He was terminated by Morgan Stanley on Friday, a spokesperson for the firm said.

“We are cooperating with the authorities and our thoughts are with our employee,” the spokesperson said.

Bayouth has been registered with the Oklahoma City branch office since 2009, and has been with Morgan Stanley since 1997. Before that, he spent two years with Capital West Securities and six years with Stifel.

Adviser keys to post-pandemic success: Fighting inflation, personal touch

Latest News

Dimon and Trump talk economy and Fed rates as meetings resume
Dimon and Trump talk economy and Fed rates as meetings resume

President meets with ‘highly overrated globalist’ at the White House.

NASAA moves to let state RIAs use client testimonials, aligning with SEC rule
NASAA moves to let state RIAs use client testimonials, aligning with SEC rule

A new proposal could end the ban on promoting client reviews in states like California and Connecticut, giving state-registered advisors a level playing field with their SEC-registered peers.

Could 401(k) plan participants gain from guided personalization?
Could 401(k) plan participants gain from guided personalization?

Morningstar research data show improved retirement trajectories for self-directors and allocators placed in managed accounts.

UBS sees a net loss of 111 financial advisors in the Americas during the second quarter
UBS sees a net loss of 111 financial advisors in the Americas during the second quarter

Some in the industry say that more UBS financial advisors this year will be heading for the exits.

JPMorgan reopens fight with fintechs, crypto over fees for customer data
JPMorgan reopens fight with fintechs, crypto over fees for customer data

The Wall Street giant has blasted data middlemen as digital freeloaders, but tech firms and consumer advocates are pushing back.

SPONSORED How advisors can build for high-net-worth complexity

Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.