Morgan Stanley Regional Director Toppled by Alleged Indiscretion
Craig Norton has stepped down as director of Morgan Stanley Wealth Management’s southeast region, a company spokesman confirmed.
Norton, who has been with Morgan Stanley and a predecessor firm since 1992, the year he graduated from Villanova University, did not respond to messages sent to him via his LinkedIn page or to calls left at his office in Atlanta.
Contrary to earlier speculation that his position was being cut as part of a sales reorganization, Norton lost his position because of an alleged affair with an underling, according to two sources at the company.
The unnamed underling reported details of the affair to top-level Morgan Stanley executives in late December or early January, and they immediately ordered him to take a leave of absence, the sources said. Norton changed his LinkedIn page earlier this week to say “former director of SE Region.”
The Morgan Stanley spokesman declined to address the reason for Norton’s demotion and said on Wednesday that no replacement had yet been named. He did not respond to requests for an update on Friday.
Morgan Stanley reduced its regional sales structure to eight regions from 12 almost two years ago, retaining Norton as head of the region.
The executive, who received the company’s corporate title of managing director in 2008, began his brokerage career with Morgan Stanley Dean Witter in Florida, where he rose to become state district manager. He also ran complexes in Tampa and Ft. Lauderdale and served as an associate divisional director of the former southern/western U.S. region, before his elevation to regional director.
Norton has no disciplinary record on his FINRA BrokerCheck report.