Posted at: 10/12/2009 4:42 PM | WHEC.com
Updated at: 10/12/2009 4:44 PM
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I-Team 10 investigation: Retiree fraud update
Former Morgan Stanley senior broker David Isabella has been stripped of his securities license.
Isabella, along with former financial planner Michael Kazacos were accused of swindling retirees from Kodak and Xerox.
Isabella is accused of making false promises to dozens of people about their ability to retire early. The retirees turned their money over to Isabella and Zazacos which invested the money in high-commission Morgan Stanley accounts. Many of the retirees lost their life savings.
Morgan Stanley has already settled a class action lawsuit.
Read the agreement
Kazacos was given a lifetime ban from the securities industry earlier this year.
