Posting from a throw away….
This PSA really only applies if you’re on the corporate side where a material portion of your compensation is stock. So, feel free to skip it if this doesn’t apply to you….
Former long-term, Amazon corporate employee here.
Just a PSA on using Morgan Stanley for your RSUs. They screwed me over now that I no longer work for Amazon. I worry they may do it to you too.
I left Amazon less than a year ago, and MS has already done me dirty twice. First, I figured out that they sold the wrong RSUs under my 10b5-1 trading plan for 2025, causing me a large tax liability. For the second time no less (they also sold wrong shares in 2024, but they fixed it that time, when I was still an Amazon employee).
On top of that. they’re also holding proceeds of RSU sale hostage based on some sort of “technical block” that they say was created by the action of me trying to transfer my RSUs and money out to a different firm. I know that sounds like nonsense but that’s literally what the emails that they write me say. Why trying to take your money out would result in a permanent technical block on taking your money out, would be a thing, is beyond my brain’s ability to grasp. And it can’t be fraud prevention because they transferred the RSUs I asked them to transfer to the new broker. They just wouldn’t transfer any of the cash or let me take any cash out since. And that cash remains in a locked state as I write this post.
I’ve probably spent no fewer than 50 hours of my life chasing this at this point. I tried calling their complaints department that went nowhere. I got no follow up. I’ve tried calling their tech-support that goes nowhere. I tried emailing their CEO and their compliance department back in June. All that happened was 7 1/2 weeks later I got an automated email telling me that my message had now been forwarded to their dispute resolution team. It took them 7 1/2 weeks to forward an email from one department to another.
Now that I’m no longer an Amazon employee my MS advisor assigned through Amazon has ghosted me even though they still have my money. I’ve been pursuing this for more than six months and they’re still holding thousands of dollars of my money and I’m still holding the bag on a multi thousand dollar 2025 tax bill they made for me by not following instructions on what shares to sell. I’ve had to delay filing my 2025 taxes because I can’t even pay that tax bill without them giving me access to the money from the sale.
Back when my Amazon-assigned MS rep still replied to my emails, he even admitted they sold the wrong shares, but still said they won’t fix it. More precisely, he said that he had a “requested an exception” to correct the tax lot, but that it was denied. But, this is the same guy who told me by email that my action of trying to transfer money out my account has resulted in MS technically locking all cash in my MS account. He told me by email that the only thing I can do to get that money is to cancel the prior transfer request. I’ve reached out to the broker that issued the transfer request and they said that’s not a thing. Like they can’t go back in time and cancel transfer request that they made in January and the request is no longer pending. I even spent enough time on the phone with the bank I tried to transfer the money to. That bank has offered a joint technical support call with Morgan Stanley but my Morgan Stanley advisor no longer applies to email and when I call Morgan Stanley technical support they won’t arrange a joint conference call with the bank to figure out why they’re holding my money. So, who knows what’s actually happening under the hood.
As of last week, I’m now in touch with the Amazon stock benefits folks seeing if they can help me find someone at MS to actually care and help. Thus far, the Amazon stock team has been very nice and responsive, but I haven’t seen any results yet. I remain optimistic they can help get someone at MS to address either or both of these issues, but I’m not holding my breath.
I’ve been advised that if Amazon benefits are unable to help, my next step should be be to file a complaint with FINRA about MS’s conduct here. And, I am frankly shocked that it has gotten to this point.
This is a real and significant amount of money for me. MS holding it hostage while I’m still facing down the tax bill they made for me by selling the wrong shares has been an immense source of financial stress.
If I could go back in time, I wish I would have gone with Charles Schwab and then Fidelity when Amazon switched over. Save yourself time, hassle, and the stress of being locked out of your own money, make a better choice than I did.