Published : Thursday, May 2, 2019 | 11:25 AM
A Pasadena financial advisor has reportedly been fired from Morgan Stanley Wealth Management over his alleged connection to the college admissions scandal that has such notables as actresses Felicity Huffman and Lori Loughlin in its crosshairs.
According to the website “Wealth Advisor,” Michael Shujun Wu was discharged in March.
The source quotes a Morgan Stanley spokeswoman as saying, “Mr. Wu was terminated for not cooperating with an internal investigation into the college admissions matter, and we are cooperating with authorities.”
Wu was apparently something of a blue chip finance man who came to Morgan Stanley from Merrill Lynch in 2015 on record as having generated $4 million in fees and commissions on $355 million in client assets, according to Wealth Advisor.
Media outlets speculate that Wu may have been an “unidentified Morgan Stanley broker” that referred a Chinese family to the scandal’s alleged leader, William Singer, who picked up $6.5 million for his assistance in smoothing the way into Stanford.
According to Wealth Adviser, Morgan Stanley has confirmed that Singer’s firm was once on its referral list of organizations, though no more.
The firm has a five-branch complex in Pasadena, at 55 South Lake Avenue, where Mr. Wu apparently plied his trade.