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Morgan Stanley Early Retirement Investment Promotion Restitution Information

This case is closed. You may review eligibility and related claims information for reference only.

Who is eligible for restitution?
Only those individuals who were former Morgan Stanley customers of Michael J. Kazacos and David M. Isabella and who:

  • Transferred retirement funds, such as IRA, 401k and defined benefit plan lump sums, to an account at the firm from 1998 through 2002, if a Kazacos customer, and from 2000 through 2003, if an Isabella customer;
  • Subsequently took systematic (e.g., monthly, quarterly or annually) withdrawals (pursuant to Section 72(t) of the Internal Revenue Code or otherwise) from their retirement accounts;
  • Sustained net out-of-pocket losses; and
  • Have not already settled with the firm.

How will eligible individuals be notified?
Eligible investors will be notified and paid restitution by Morgan Stanley by August 1, 2009.

What options are available to investors?
The remediation plan does not foreclose your ability to pursue arbitration or mediation if you believe you have suffered losses. You should consult an attorney as to your rights.

Additional questions or concerns
Customers with additional questions may contact FINRA’s Office of Investor Education at (202) 728-8827.

Customers are also encouraged to read our Investor Alert, Look Before You Leave: Don't Be Misled By Early Retirement Investment Pitches That Promise Too Much and FINRA’s News Release, Morgan Stanley to Pay More than $7 Million to Resolve FINRA Charges Relating to Misconduct in Early Retirement Investment Promotion.