Chad Abraham:
"Morgan Stanley, which borrowed more than $107 billion from the Federal Reserve in 2008 — more than any other bank during the recessionary crisis that year — contends a longtime Snowmass Village art institution is after the international financial-services firm’s “deep pocket.”
The conglomerate denies any wrongdoing in an embezzlement case that sparked a lawsuit in Pitkin County District Court by Anderson Ranch Arts Center in which Morgan Stanley is a defendant. The bank in March filed a motion to dismiss the case.
The nonprofit arts center sued the firm in August 2011, along with the center’s former accountant, Marlana Howell, to try to recoup more than $736,000 that she embezzled from Anderson Ranch. She is on parole after serving about 17 months of a four-year prison sentence for felony theft.
The arts center’s claims against Morgan Stanley include negligence and breach of contract. The firm is accused of failing to inquire about Howell’s authority to withdraw Anderson Ranch funds; and relying on an authorized individuals form she provided “that was defective on its face,” and which had no force or effect in granting Howell authority to withdraw money, according to Anderson Ranch’s lawsuit.
Morgan Stanley’s attorney, David Goldberg of Denver, wrote in the motion to dismiss that the company held a securities investment account for Anderson Ranch and that the ranch’s controller was authorized to give orders on the account. When Howell was hired for that job, Anderson Ranch instructed Morgan Stanley “to deal with” her, the motion says....." (Read more? Click title)
"Unapologetic pursuit and tracking of patterns within the news others make since 2010."
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