The family of Maurice Voce brought legal action against Morgan Stanley and adviser John Privitelli, alleging they improperly maintained high-risk options trading as the client experienced severe memory decline. Although the trial court originally dismissed the elder abuse allegations because the portfolios gained value during the contested period, the appellate decision clears the way for further litigation. Privitelli admitted during trial testimony that the relatives' warnings regarding Voce's mental state should have triggered an escalation to risk management. The legal fight began in FINRA arbitration in 2014 before moving to Los Angeles County Superior Court in 2019.
Key points
The California appellate ruling restores financial elder abuse and fiduciary duty claims…: The California appellate ruling restores financial elder abuse and fiduciary duty claims without establishing definitive liability against the defendants.
Financial advisers face potential exposure when executing high-risk trading strategies fo…: Financial advisers face potential exposure when executing high-risk trading strategies for aging clients who exhibit signs of cognitive impairment.
Account profitability during a contested period does not automatically shield brokerage f…: Account profitability during a contested period does not automatically shield brokerage firms from claims of financial elder abuse.
Sources checked by our analysis pipeline: 1
Maurice Voce spent decades learning the stock market on his own, building a $19 million fortune through stock-options trading while working as a barber. But in the final years of his life, as his family became concerned about his declining cognitive health, questions emerged about whether the financial professionals managing his investments were adequately protecting his interests. Now, more than a decade after his death at 93, a California appeals court has revived key claims brought by his family against Morgan Stanley and financial adviser John Privitelli.
In an opinion filed on October 8, 2026, and certified for publication on October 29, the California Court of Appeal ruled that the family’s financial elder abuse claim and parts of its breach-of-fiduciary-duty case should not have been dismissed. The decision in 'DeVone v. Morgan Stanley & Co. LLC' sends the dispute back for further proceedings, although it does not establish that Morgan Stanley or the adviser committed wrongdoing.
From barber to self-taught investor
According to the court opinion, Voce began investing in the 1960s and trading stock options in the 1970s. He…
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