Brokers in fraud allowed to keep Morgan Stanley bonuses

Former brokers will not have to return $4.45m lent to each of them as a signing bonus three years ago

Former brokers Eric Butler and Julian Tzolov won't have to return the $4.45m that Morgan Stanley lent to each of them as a signing bonus three years ago, according to a ruling by the Financial Industry Regulatory Authority.

The two men won the arbitration battle a year after Butler was convicted of, and Tzolov pleaded guilty to, several counts of securities fraud.

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