Washington Redskins running back Adrian Peterson has taken Morgan Stanley Wealth Management to arbitration over a dispute with his Morgan Stanley adviser, according to published reports.
Mr. Peterson, 34, who is halfway through a two-year, $8 million contract with the Redskins and has earned an estimated $100 million during his 12-year NFL career, reportedly is arguing that he was mislead and misinformed about an investment opportunity sold to him by a Morgan Stanley broker.
No further details were available because the arbitration case has not yet been made public, and Mr. Peterson’s attorney declined to comment.
A Morgan Stanley representative responded to a request for comment on the arbitration case with the following comment: “We are defending against these claims, which we believe are without merit."
Rajesh Markan earlier this year pleaded guilty to one count of criminal fraud related to his sale of fake investments to 10 clients totaling $2.9 million.
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"The outcome is correct, but it's disappointing that FINRA had ample opportunity to investigate the merits of clients' allegations in these claims, including the testimony in the three investor arbitrations with hearings," Jeff Erez, a plaintiff's attorney representing a large portion of the Stifel clients, said.
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