Monday, November 12, 2018
Business

Widow of Home Shopping Network co-founder seeks $170 million from Morgan Stanley

The widow of Home Shopping Network co-founder Roy Speer is seeking more than $170 million from Morgan Stanley Smith Barney, accusing the brokerage of such problems as "excessive trading" and "unjust enrichment."

Lynnda Speer is acting as the personal representative of her late husband's estate and making several claims about the way Morgan Stanley handled an account.

She is in arbitration proceedings against Morgan Stanley and its Palm Harbor financial advisers Ami Forte and Terry McCoy, according to an annual financial statement Morgan Stanley released in February.

Forte is a prominent financial adviser who in 2013 was named by Barron's as the top financial adviser in Florida and in 2010 was named as top female adviser in the nation.

According to a brief summary of the complaint in Morgan Stanley's financial statement, Lynnda Speer claims:

• Damages related to securities of $78 million.

• "Well-managed portfolio" damages of $55 million to $66 million.

• "Excess commissions and sales credit damages" of $37 million to $44 million.

That adds up to between $170 million and $188 million.

The arbitration proceedings through the Financial Industry Regulatory Authority, or FINRA, began in January and are expected to conclude in July, according to the Morgan Stanley financial statement.

FINRA's website lists a pending customer dispute against Forte, and another one against McCoy. But the person who made those complaints is not mentioned by name, unlike the Morgan Stanley financial report which specifically mentions Lynnda Speer and her late husband's estate.

McCoy referred a reporter to a spokesman who could not immediately be reached. Lynnda Speer and Forte could not be reached Friday.

Roy Speer died at the age of 80 in 2012.

Comments
Want to sell your home quickly for cash? Here's a new option for Tampa Bay sellers

Want to sell your home quickly for cash? Here's a new option for Tampa Bay sellers

Coldwell Banker is teaming up with Home Partners of America on a pilot progam that lets Coldwell sales agents present cash offers to their clients in Hillsborough and Pinellas counties.
Published: 11/12/18
Publix trails only Wegman's as best retail workplace in U.S.

Publix trails only Wegman's as best retail workplace in U.S.

Publix was named by Fortune as the second best retail company to work at in the U.S.
Published: 11/12/18
Tampa Bay homes prices lag in third quarter

Tampa Bay homes prices lag in third quarter

According to Florida Realtors, the median price of a single-family home rose to $236,000 in the three months ended in September.
Published: 11/12/18
2.8M Floridians expected to travel for Thanksgiving

2.8M Floridians expected to travel for Thanksgiving

AAA, The Auto Club Group, forecasts a 5 percent increase in Floridians hitting the roads, skies, waterways and rails for the holiday weekend. Here's what to expect.
Published: 11/12/18
Feeling Lucky? Specialty grocer Lucky's Market proposed for central Pasco

Feeling Lucky? Specialty grocer Lucky's Market proposed for central Pasco

Lucky's Market would fill the space vacated by Winn-Dixie at State Road 54 and Collier Parkway in Land O' Lakes.
Published: 11/12/18
Pasco Business Digest for Nov. 16

Pasco Business Digest for Nov. 16

News and notes on local businesses
Published: 11/12/18
Dear Penny: I need a will, but I’ll have nothing left after attorney fees

Dear Penny: I need a will, but I’ll have nothing left after attorney fees

Dear Penny,My wife and I just had twins and have realized that we need to get a will put in place. We started searching for a lawyer and found that it could cost anywhere from $1,000, up to as much as $5,000, to get a will created. We won’t have anyt...
Published: 11/12/18
Hernando Business Digest for Nov. 16

Hernando Business Digest for Nov. 16

News and notes on local businesses
Published: 11/12/18
HSN’s revenue slumps 5 percent, but parent company still posts higher sales

HSN’s revenue slumps 5 percent, but parent company still posts higher sales

St. Petersburg-based HSN has seen quarterly revenues drop 5 percent compared to a year ago, according to the parent company that laid off hundreds of Tampa Bay employees last month, Qurate Retail Group. Pennsylvania-based Qurate Retail came out with...
Published: 11/09/18
Updated: 11/10/18
Look inside the new Target: six stores have been overhauled in Tampa Bay

Look inside the new Target: six stores have been overhauled in Tampa Bay

• Six Tampa Bay Targets have been overhauled this year•1,000 will be remodeled by the end of 2020• A new handheld tool allows employees to cash shoppers out anywhere in the store• The new toy department will remind you of Toys R Us, and the beauty se...
Published: 11/09/18