Morgan Stanley has fired a father-and-son advisory team that managed more than $600 million after alleging improper pay to a family member.
The firm terminated them on June 25, according to FINRA BrokerCheck records.
E. Bradford Hudgens, a 30-year Morgan Stanley advisor, is accused of using the firm’s Alternative Flexible Grid expense program to pay a family member in ways that did not match that person’s supposed job.
The bank also alleges he changed a client’s trust so he would stay on as advisor. A doctor later found the client lacked capacity.
His son, John Bradford Hudgens, was fired the same day. The firm says he knew about the family-member payments and raised concerns about his candor in the review. The bank says the son’s case did not involve sales practices or trading.
The team managed $631 million in Hot Springs, Arkansas. The father had been on Forbes state advisor lists since 2018 and also worked for the firm in New York, Minneapolis, Dallas and St. Louis.
Both men are now registered only as investment advisors with Concurrent Investment Advisors. They are no longer FINRA-licensed brokers.
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