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How Morgan Stanley and a lesbian super-producer came to grief in South Carolina and why she alleges bias

The wirehouse's response: Libby Cherrington is using the gay issue to distract from a $6.7 million loan that has gone unpaid by the AIG rep

Tuesday, April 15, 2014 – 6:24 AM by Kelly O'Mara
Admin:
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Libby Cherrington (right) and Krista Dunton have two kids and have been married almost five years.

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October 1, 2019 – 1:06 AM



Eric S.

Eric S.

April 15, 2014 — 6:52 PM

The mere idea that another rep. at Morgan Stanley was going to get supported by other reps is ridiculous. Essentially all these brokers at MS are independent franchisers under the MS brand and they are in no way going to share cases with this person when they could just work with an outside estate tax planning attorney. If Morgan Stanley was going to promote financial planning in their system, they would have hired non-producing financial planners and estate tax planners as consultants to work with their advisers in their different markets. Libby’s business model was doomed from the start, and she didn’t do her due her research. What about all the advisers at the Wells Fargo she worked with before joining MS? She left them and went to Morgan Stanley and took their referrals. There was no way any smart Morgan Stanley adviser would have made that mistake of having somebody run off with a client they developed to start with after she bailed from Wells Fargo.

Guest

Guest

April 15, 2014 — 7:08 PM

The LGBT community needs to accept that a large percentage of the population is disgusted by their lifestyle, and are sick of having it pushed down their throats. People have a right to be treated with respect, but they do NOT have the right to attempt for force others to accept them as a normal part of society, or to pander to their every whim. It certainly appears that Cherrington is attempting to play the gay card to prevent having to pay back her employer’s loan. Sure, there may have been a few less-than-complimentary whispers about her and such, but she doesn’t get to use that to disproportionately skip out on her responsibilities. This type of thing with LGBT, minorities etc. has gone WAY too far.

Stephen Winks

Stephen Winks

April 15, 2014 — 8:17 PM

It seems like a hostile work environment and disparagement within the brokerage industry, continues to pop up again and again as if it is institutionalized. Ask those brokers who received recruiting bonuses why they are denied due process in resolving conflicts with their broker/dealer under FINRA Arbitration. Ask middle managers who are quieted in their support of the consumer’s best interest, and are deemed not to be “team players” because they place the best interest of the investing public ahead of the best interest of the broker/dealer as required by statute. Ask advisors why it is a violation internal broker/dealer compliance protocol to be accountable and responsible for their recommendations as required by statute. Ask retail investors why they enjoy lesser consumer protections that all other investors. The institutionalized inefficiencies counter to the best interest of the investing public and the professional standing of the broker are increasingly difficult to dispute. The industry’s solution is the disparage the broker as a trouble maker when in truth they are courageous in fighting for principle in the best interest of the investing public.

When will the industry actually do the right thing, or is it too much to ask?

The trust and confidence of the investing public has long been lost and now the broker is finding it difficult to reconcile industry practices with the best interest of the investing public.

Isn’t there an institutionalized leadership vacuum that must be addressed?

Who has the courage to protect public trust? Where is FINRA and the SIFMA, or is their role to assure public trust or simply perpetuate conflicts of interest which destroy public trust.?

SCW

Oswald

Oswald

April 15, 2014 — 8:34 PM

Wow. What a horrible series of events. If they didn’t want her, why poach her? This is such an old-school industry, but this type of stuff cannot be allowed to happen. I hope Morgan Stanley pays for all they did to her and her team. This is unbelievable.

MisterRIA

MisterRIA

April 15, 2014 — 10:06 PM

Why does anyone work for these brokerages? You don’t have to you know. Is estate planning “solely incidental” to brokerage? Is she in violation of the 40 act?

Guest

Guest

April 16, 2014 — 12:35 AM

Really…so I am an old white guy with diminishing hair, short, portly and live with my folks…oh I’m gay on Saturdays in October and I have a lisp. Which one of these characteristics should I cite in my law suit against all those terrible people who whisper about me at my job? WTF is this? Be gay be happy but don’t use it as your entitlement for special treatment- bad story but probably a good primer on 'how to use who I am to skirt (if they wear them) my responsibilities’.

guest

guest

April 16, 2014 — 1:35 PM

As someone who is familiar with Cherrington’s work at Wells Fargo, this comes as no surprise. She can be very nasty and vengeful, she has first hand experience at defaming other people and companies. Playing the LGBT card, when convenient for her, sounds exactly like something she would do. No sympathy here, she should pay back every dime of that signing bonus.

Poopsie

Poopsie

September 20, 2017 — 9:42 PM
lisbeth is terrible! I could never speak directly with her. I interacted with her underling. He never Did a true financial plan instead he recommended annuities with huge fees. I know have a true financial planner and am happy to be rid of the nasty wench!!

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