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. 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. 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.
Family raised concerns about his declining health
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. Over the decades, Voce accumulated a fortune worth approximately $19 million, which he left to his three children through a series of trusts. His Morgan Stanley accounts were valued at about $18 million at the time of his death. The court record describes growing concerns among Voce’s children and other relatives about his memory and mental condition beginning around 2010. Privitelli acknowledged that he was aware of concerns about Voce’s cognitive impairment in early 2011, while continuing to execute trades based on Voce’s instructions, according to the appellate opinion.
It should have been,” Privitelli answered, according to the court’s account of the testimony. They also challenged advice they said the adviser provided on tax and estate-planning matters, claiming it contributed to expensive insurance arrangements and tax liabilities. 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. The family’s lawsuit alleged that the options-trading strategy was unsuitable for Voce in the final phase of his life and that the adviser continued facilitating trades and collecting commissions despite concerns about his cognitive health. In December that year, family members emailed Privitelli about Voce’s memory lapses, disorientation and declining health. At trial, the adviser was asked whether the family’s concerns should have been escalated to a supervisor or the firm’s risk-management team. “Sure. The family alleged that Morgan Stanley and Privitelli should have taken greater steps to assess the risks of continuing the trading strategy.