Published by Newman Springs Publishing, Dana de Windt’s enthralling tale is supported by this internet domain site, which is designed to expand upon the reader’s experience and support their understanding of all the moves made by the players. Expertly paced and captivating, “CHECKMATE” is a compelling and unique multimedia experience that brings to life a thrilling true story of fraud, corruption, and one man’s efforts to help those impacted by one financial firm’s duplicitous actions.
Press Release
Dana de Windt, a former financial advisor with Morgan Stanley with an exemplary career in financial services, has completed his new book "CHECKMATE: The Morgan Stanley Whistleblower": a powerful true story that follows the author as he discovers Morgan Stanley's practice of selling unsecured surplus notes, and his crusade to protect the firm's clients while trying to right the wrongs Morgan Stanley committed. Author Dana de Windt's career in financial services initially began with EF Hutton in 1975. Along with developing an outstanding relationship with many clients, de Windt was asked to co-manage seven EF Hutton offices in South Florida. He became an industry arbitrator, presiding over many types of arbitrations for the Financial Industry Regulatory Authority. Therefore, with a compliance background in place, the perfect storm fell to the author to research and evaluate the infractions and misrepresentations that were withheld from the financial advisors of Morgan Stanley. "There are times in one's life, usually when least expected, which test your willingness to stand up to circumstances created by others who intend to advantage themselves and intentionally harm others," writes de Windt. "When a person encounters this situation, the options are simply to ignore or weigh in with whatever skills are available to proceed 'without a script' and do what can be done to assist others. "Necessarily so, the latter choice will be more difficult at best and fraught with twists and turns which usually derail rational attempts to resolve matters which others are even more determined to keep you from doing. This is certainly the case in the story CHECKMATE. You must run them out of moves to get the final advantage of winning the 'game.' "Who would have guessed that their mistakes would lead to the truthful information slowly surfacing, cornering them and allowing only the efforts of the whistleblower to prevail? So now, if you would like to understand how this all came to be and who spent over 25% of his life chasing Morgan Stanley and all their regulators around, then this read is for you.
Readers who wish to experience this engaging work can purchase "CHECKMATE: The Morgan Stanley Whistleblower" at bookstores everywhere, or online at the Apple iBooks Store, Amazon, or Barnes and Noble. For additional information or media inquiries, contact Newman Springs Publishing at 732-243-8512.
Synopsis of Checkmate as told by the author
Checkmate Reviews
A Compact Exposé of Corporate Courage
"Dana de Windt's Checkmate delivers a raw, behind-the-scenes look at whistleblowing at a major financial firm. Though the narrative is short, its emotional heft is undeniable. A compelling read for those who care about corporate accountability and personal ethics."
– Rebel Book Club
Where Integrity Meets Introspection
"In just 56 pages, de Windt pulls no punches. He charts his moral awakening and the fallout that followed at Morgan Stanley. Sharp, intimate, and resonant—this memoir lingers."
– The Integrity Readers Book Club
A Compelling but Brief Glimpse Into the Corporate Underworld
Dana de Windt's Checkmate is a sharp, personal account of his experience as a whistleblower within Morgan Stanley. The most gripping aspect of the book is its unflinching honesty. De Windt does not attempt to dramatize his role or overinflate the consequences. He instead gives readers a reflective window into what it's like to stand up against powerful systems that prioritize image and profit over integrity.
That said, at only 56 pages, the memoir feels more like an introduction than a full narrative arc. Readers looking for deep legal insights, names, timelines, or hard-hitting investigative detail may walk away wanting more. The romantic subplot, which briefly appears, is likely to be divisive; some may find it adds emotional complexity, while others might view it as a distraction from the core narrative.
Despite its brevity, Checkmate succeeds in humanizing the whistleblower experience, the isolation, the fear, the subtle retaliations, and the internal moral battle. It’s a needed voice in the world of corporate memoirs, but one that could have gone further in-depth. A strong foundation for discussion, particularly in book clubs focused on ethics, workplace justice, and women’s experiences in high-pressure industries.
– The Rumpus Book Club
Power, Accountability, and Personal Reckoning
"De Windt writes with clarity and conviction. His whistleblowing journey reveals the costs of truth in a culture built on profit. A clean, evocative read."
– Modern Mrs Darcy Book Club
Ethics Under Fire
"This tough insider account captures courage, tension, and complexity. De Windt's restraint in portrayal is a strength—he lets events speak loudly."
– National Book Critics Circle
Fast-Paced, Fearless, and Fiercely Real
"Dana de Windt's piece-size memoir is a wake-up call about corporate conformity. His perspective is both emotional and analytical—an ideal discussion book."
– Vox Book Club
Truth in Finance, Told with Compassion
"A short but potent account of institutional resistance. De Windt's storytelling bridges emotion and principle. A strong pick for any business ethics discussion."
– Goodreads Choice Awards Book Club
A Symbolic Checkmate
"Though brief, Checkmate communicates the high stakes of institutional dissent. A strong, intimate memoir that reads like testimony."
– Book of the Month Club
The question: What role, if any, has Mary L. Schapiro played in the matter? The answer: the linkage is found in the story “CHECKMATE”
Below in documentation is the last information I sent to the SEC Whistleblower Department.
As you recall from the Story, the lead examiner, on his own choosing, told me recently after
completing the examination, that this would be the largest award in the history of the NASD.
Sometime between that statement made by Gene Davis and the unveiling of the award, something or someone caused a completely different result which was later, by additional examination from me, proven to be deliberately and completely misleading by the NASD. In trying to find the linkage which might be predicate to using the clout necessary to steer the
examination results in a different direction, I believe the then head of the NASD from 2006 to 2009 would be that person. Then on January 20, 2009, she was selected as head of the SEC and departed that job in December 2012. That, in and of itself, only concludes that she headed both organizations at the key times that regulation should have been compelling Morgan Stanley to comply with the violations all spelled out in the consent orders signed by all parties in 2007-08.
So, the troubling part which enters the picture is her joining the board of directors of Morgan Stanley in mid 2018. Mary L. Schapiro, at this date, still has the board position with Morgan Stanley. The appearance of impropriety of this linkage is very troubling to be sure. If the CFPB ever calls a hearing on this matter, as I suggested in my zoom call with Snow Tree Media, I believe the answers to how this all got swept under the rug are bound to appear. So, I will leave you with what I sent to the SEC a couple of months ago along with a copy of CHECKMATE and you'll see how I have tried to continue and extend my willingness to assist them.
Final Submission to the SEC Whistleblower Department:
More Information on Mary Schapiro:
Who What and Why
The reasons to engage with me as The Nationally recognized Whistleblower in the matter normally referred to as the Kemper Lumbermens’ Surplus Notes debacle are outlined below. I have made it clear on page 22 of the story CHECKMATE that the whistleblower award will be placed in a charitable trust with distribution expected to be completed by the trustees over a 10 year period. The figure should range from $60,000,000 to $200,000,000.
In conservatively evaluating the liability caused by Morgan Stanley during the fraudulent sales of KLSNs, by misrepresenting the surplus note as a bond, as well as uncovering 8 years of blue-sky law registration violations, I am using FINRA’s release as the agency I caused to perform an examination about March 2005.
2800 transactions were reported with a face value of $59,000,000 for an average per transaction of $21,000. That was from January 2001 through mid-June of the same year. The speed of transactions continued through early 2003 and I expect using the same figure of $59,000,000 is appropriate.
A few transactions were offered rescissions in 2008-9 mostly in Florida through my efforts for a recovery of $8,400,000, a minor amount compared to the damage done over a 2-year period. Interest penalty at 7% per year over the past 20 years offered a penalty value of approximately $160,000,000 along with the face value of the surplus notes of approximately $118,000,000 totally exposure of $278,000,000 if rescissions were forced today.
Add on the extrapolated 30,000 additional blue-sky violations across the United States and territories, that figure would move up significantly. I would assume that the collaboration of Morgan Stanley, FINRA, the NASAA and the SEC might cause a panel to consider punitive damages as well. After all, Morgan Stanley was “allowed” to front run, establish the market and self-deal the surplus notes causing, I would suggest, all the elements of an unintended PONZI SCHEME. Once criminal fraud takes place, many criminals try to cover up with any help they can get to keep from getting publicly caught.
There has been much obstruction: impeding a witness, furnishing false information and lately, a threat from the very person who stepped up and caused the examination to begin. The following are the four key people associated with what I described above. They are not alone, only it’s not necessary at this time to add others.
Gene Davis: Senior examiner with the New Orleans office of FINRA leading the examination. Before I was locked out of being able to talk with Gene, he told Mike Blankenship and me that this was the simplest and most straight forward examination he had ever done, and the result will be the largest award in the history of their agency. Then the FINRA release was a total fizzle, and I was informed by FINRA attorney Terri Reicher that I was to speak to no one except her at FINRA.
Gene’s number is 504-522-6527
Terri’s number in DC is 202-728-8967
Rex Staples, the general counsel of the NASAA, after I asked him upon finding the consent orders following meeting him in DC, who would be able to compel Morgan Stanley to comply with the orders his divisions signed with Morgan Stanley? His response was that I was “charging him with malfeasance.” My efforts and question certainly elicited a dramatic response. During my 45 minutes with him in DC, he also chose to offhandedly tell me that he had stage 3 pancreatic cancer. This was in 2009. Rex is currently licensed as an attorney, living in Scottsdale and his number is 202-445-9473. He flinched on my question and words are impossible to erase.
Which brings me to Mitchel Atkins with who I spoke with in 2005, once in 2017, and probably finally in late 2023, when I asked him to have lunch with me at Houston's in Boca with Rose Schindler who referred me to Mitchel in 2005. Rose assisted in training me to be in industry arbitrator for FINRA in1995. When I spoke to Mitch with the invitation which I sent by email to his office the day before, he picked up the phone and threatened me with a restraining order and said his was going to call the Palm Beach Sheriff's office. Mitch is very frightened with the circumstances of this PONZI SCHEME and his response was telling to be sure and one could only assume that he knows all of the sordid information on FINRA’s part in the overall scheme. His number is 561-948-6511
In summation, all of my opponents certainly know about the story CHECKKMATE and their participation during these many years. It’s indeed possible that only quashing this can be done from the top. I submit that Mary L. Schapiro ought to be considered as that person. Chairman of FINRA from 2006-2009, Chairman of the SEC from 2009-2012 and then invited to join the Board of Directors at Morgan Stanley in 2018. It appears that the reward of the board seat with an annual compensation of $350,000 when I looked last, is quite a valued position post her regulatory responsibilities.
The SEC has failed to take the proper oversight action. I suggest that they are guilty of negligent acts of omissions, misconduct and breach of duty. All of their deliberate and intentional choices of recklessly ignoring all of my information given them originally in 2009 and in 2014 with a thorough TCR filing and finally supported by all of the content of CHECKMATE and the domain site, puts them squarely at fault of losing millions of dollars from duped clients of the firm.
They are CHECKMATED by their own actions.
As I am trying to look out for others, I have a perfect right and obligation to responsibly recover for investors.
Responsibility to Engage
Policy:
Letter to Five:
The NASD/FINRA mediation and examination
FINRA News Release:
Reicher Email:
FOIA Response:
MSDW Lumberman's AWC:
Contacting the WSJ For their support
Wall Street Journal Article:
Request For Follow Up:
Ramifications of the Wall Street Journal
Tennessee Rescission:
The NASAA Meeting in DC
View the Consent Order:
SEC and States
Filing Complaint to the Southern District of New York:
TCR Filing:
Scores of Pages of Unregistered Transactions Provided by State of Florida to Dana de Windt:
Additional Submission to SEC:
NASAA's Position on Kemper Lumbermen's Surplus Notes:
Florida Pages:
Letter to NASAA:
SEC Mission Statement:
Morgan Stanley:
Meeting in DC with the SEC:
To the SEC:
SEC unwilling to communicate:
Steps to Protect Investors:
Requested Advanced Email Search
The search terms:
Paul Weiss:
Morgan Stanley & Co:
False Claims:
Skolnick Letter:
Interesting Documents
Motion to Dismiss:
Timeline:
Blog Link:
Prospectus Pages:
Time to man up for Mike Blankenship
At this time, there is no additional documentation for this chapter.
Another Valued Whistle Blower Story
Times Article:
Closing comments and observations
Morgan Stanley Buy Back :
SEC Article:
Jane Norberg Letter:
Tony Taggart Letter:
The Rescorla Connection
During the time that I was waiting for FINRA to reveal their examination findings, I decided that in July
of 2006, which was coming up on the fifth-year anniversary of 9/11, there was something that I could do
relative to that anniversary. So I decided to reach out to Rick Rescorla's widow, Susan. Rick was the
director of security at Morgan Stanley and was credited, as you may know, with saving 2700 plus lives of
Morgan Stanley employees because of his actions. And I thought on a fifth-year anniversary, maybe there
was something that Susan would be thinking about that I might address. I did find her number, and she was
nice enough to take my call, and I introduced myself.
And much to my surprise she said there's a problem. At this point she wanted to send me a video of Rick's
statue dedication at Fort Benning, which was done in April of 2006. And then I want to tell you that
there's been a disjoint relationship with Morgan Stanley, relative to the foundation. And we have a
shortfall in being able to provide the granite base, which would hold the statue on the Memorial Walk of
Honor at Fort Benning, which later was placed in 2009.
Susan sent down the video, and a recording of Rick's favorite songs. And I looked at it and the video was
at the dedication of the statue attended by both of the other trustees Dan Hill and Fred McBee along with
Susan, with the Fort Benning soldiers, and members of Rolling Thunder. You may want to see this ceremony
featured below. And, of course, the artist and General Moore who you might remember was portrayed in the movie
We Were Soldiers, when Rick was the platoon leader for platoon B in that particular fight in la Drang
Vietnam.
Anyway, I looked at all of this and so forth, and she mentioned the figure that they were short of funds
on providing the granite base. Apparently a commitment had been made by Morgan Stanley and had not been
fully honored. I decided, in view of the fact that I purchased an older vintage car in 2004, a bit of
muscle in my engagement with Morgan Stanley, and we're now in 2006, that the end of the FINRA examination
would end my participation. I opted to dedicate the car and send it to them so that they could sell it and
have enough funds for the base of the statue. I wanted to show you the pictures of the car. The young man
on the hood of the car was a little less than three in the picture. And he is now over 20. A lot of time
has gone by.
There is more to this story, but it doesn’t need to be discussed in this context. I did mention to Susan
that in the video there were no representatives of Morgan Stanley talking at the dedication. And she came
back with the fact that none of them were invited for the April 2006 event. And then in 2009 before the
placement of the statue at Fort Benning which I did attend, I did send her an email asking if this would
be a time to let go of those feelings and offer a participation by Morgan Stanley with their appreciation
for Rick's sacrifice.
My email to her should reflect that my personal dispute with Morgan Stanley was totally separate from the
Rescorla Foundation issues. I am including my email suggestion to her and her response. I want you to know
that Susan did respond 4 minutes later. I think that you should know that I wanted to support the
Rescorla's as the statue was being placed beautifully at the Ft. Benning Infantry Museum on the Memorial
Walk of Honor. He deserves so much appreciation and none of those saved by Rick apparently were in
attendance to honor his efforts. A sad part of his amazing legacy. I am very happy that I chose to attend
the event and participated in the foundation’s financial needs with Susan and Rick’s children Treavor and
Kim.
Take a few minutes and watch the 2 videos I have placed on the page. You’ll be able to share in some very
special comments. As, honestly, I thought that my battle with Morgan Stanley and the regulators was coming
to an end, a fitting gesture to Rick and the many lives he saved was to offer my symbol of my fight with
Morgan Stanley to the Foundation. But, of course, along came the WSJ article in May of 2008, and I wasn’t
about to walk away from the information which eventually and vividly showed the violations. Think of it
this way: if you had information which could assist others, would you walk away or continue to face the
opponents and obstacles ahead?
As you watch this video, it’s important to note that this is Lt. General Harold “Hal” Moore. This is the man whose name has replaced the name Fort Benning with Fort Moore. This happened on May 11, 2023, and you are listening to his comments on Rick Rescorla during the statue unveiling in April of 2006.
Rescorla Thank You Email:
Rescorla Email:
The Adams Lineage
J. Adams, Del de Windt, Dana de Windt, J.Q. Adams
There is part of my lineage which is special and which I identify with very closely, being the family
historian. I have a family tree, which was completed back in the early 1900s, which reaches back into the
1600s. And my seventh- generation grandfather ended up being John Adams, and consequently, my sixth-
generation uncle is the man I more easily identify with, John Quincy Adams. As I have done throughout the
last 18 years, I took time to visit Braintree Massachusetts, where both men are interred at the United
First Parish Church. I took time to stand next to John and Abigail Adams and John Quincy and Louisa to
share my thoughts about this in hopes that maybe the proximity to their spirit would again boost me to
move everything in the right direction. So, I thought I would share with you an important clip from the
movie Amistad which will give you a glimpse at John Quincy, and then I'll tell you why I think we're alike
and how this plays into the final chapter of this ordeal. Please now sit back and enjoy the 7-minute clip
of a man who meets a tough challenge and resolves the Amistad matter in 1841. I like men who stand strong
when the powerless are at risk. Take time to view the video now.
I believe that is an honest and true depiction of my uncle. And I certainly have enjoyed seeing how he
was portrayed in the movie. You know, he didn't choose to volunteer as counsel in the Amistad matter. He
was solicited. I certainly didn't choose and solicit my way into an 18-year fray with Morgan Stanley and
their regulators, it just kept going. When the situation dictated that there needed to be another opening,
it appeared and, of course, I was the only one around to try to recognize it. In the clip, he got annoyed
periodically. And certainly, so have I during these many years. His case was significant, and so is this.
He suggests that it's who tells the best story wins. I have endeavored to do this. Such an important
comparison is the value of invoking one’s ancestors for their inspiration and guidance when a situation
seems dire.
Clearly, I have used that as Cinque did. I visited the United First Parish Church in Quincy, Mass.
several times. When Morgan Stanley took me on, they took on the strength of my family. I am proud to have
taken on this challenge and will always remember “who we are is who we were.”
I reached out to the outstanding illustrator, Charlie Powell, who was responsible for the illustration of
me in the WSJ article of May 24, 2008. I asked for his permission to use the illustration and he willingly
said yes. And then it occurred to me that if I am letting you understand how valuable my ancestral
connections are, that he would paint a second illustration of four key members of The Committee, with whom
I sought direction and support. Thank you, Charlie, for depicting the members accurately and warmly as I
continued to lean forward against Morgan Stanley and their regulators.
Morgan Stanley needs to step forward as others have in their lives, like John Quincy and Rick have done
to tackle difficult situations. Be brave and courageous and meet your responsibility. That's all I have to
say.
Where's the driving force?
I believe that I would like to conclude this story with a thought or two about the necessary
responsibilities we all have to work together to identify a wrong and stand up strong to make it right. I
have offered some difficult information for you to swallow in my effort to bring you on board in
understanding the intentional decisions made by many to violate others.
Coincidentally, two actions took place in 1829 that are interesting to reflect on. The first was the
final year of John Quincy Adams presidency and the second took place with a composition in four parts,
each following without a pause. Why do I say without a pause? It’s because I can say without hesitation
that for over 18 years, and the ramifications of that lengthy time, this matter has been a “constant
companion” both day and night trying to get those who should assist to assist, and I can say that I have
not paused either..
The second action occurred when Gioachino Rossini wrote an overture not knowing that it would evolve into
an anthem expressing a feeling, for many of us, of optimism, right over wrong and a feeling of
exhilaration. You will see that it takes perfection, coordination and zeal to get this absolutely right,
allowing the listener to feel elated at the crescendo. I have tried to get this right as well.
So, I offer you a few moments to listen to and understand that the William Tell Overture is my way of
letting you know that it was my turn to step up and help solve the mystery behind the deliberate
wrongdoings of Kemper Lumbermens Surplus Notes. So, sit back, turn up the volume, put a smile on your face
and stand with the crescendo!!!! This is for my special inspiration from both John Quincy and Rick
Rescorla with thanks.
The Committee
I wanted to acknowledge several of the many helpful members of The Committee who have listened, discussed
and encouraged me, each in their valuable way, to stay with it until the point we have now reached. I
wanted to identify each, of course with their permission.
Wayne Dodds, Mike Blankenship, and Rich Mittnacht
Rose M. Schindler as counsel, Glenn J. Webber esq. & Jack Scarola as counsel
Dana de Windt and Bud Jordan with Gordon Gaster
Former EF Hutton Partners
November 2021
J. Adams, Del de Windt, Dana de Windt, J.Q. Adams
6 Songs
Motivation for staying the course can come from lots of sources.
I thought I’d share with you several songs I've listened to while trudging forward was tough at times.
I've included all six songs, some of them you probably have never heard before. Some are from my
mid-teens. And each of them played a part in maintaining my balance in the face of some of the stress that
I've gone through over the years trying to move forward. So, here's how I feel about the six.
During my ordeal with Morgan Stanley and the regulators, the negative sets in frequently. And you ask
yourself “why try”. which brings you to wonder if you should “forget it all”. Often, I needed during the
lonely months and years ahead to have others stand down and “Please” don't say nothing at all. How many
restless nights were fraught with “pulsating dreams” of power-driven men and women masterminding the steps
to suppress the truth about these “bringers of darkness?” Then along came the special lyrics of “life
uncommon”, reminding me many times that indeed, “we are tired, we are weary, but we aren’t worn out.” And
finally, in a March 18, 2018 concert in the third row at the Sunrise Theatre in Fort Pierce, I saw a man
who I've had a high regard and respect for a long time, John Kay and his band Steppenwolf. I heard him
tell all of us to “hold on” , never give up, never give in, and this allowed me to relax for the last
five years and “feed the fire”.
Listen to Life Uncommon
Listen to Hold On
Listen to Please
Listen to Pulsating Dream
Listen to Why Try
Listen to Feed the Fire
Dana de Windt and Tom Watson hosting an EF Hutton client golf outing at the Seminole Golf club as found in the 1980 annual report on page 12.
If following your completion and understanding of CHECKMATE, you would like to offer a constructive comment
to the SEC Office of the Whistleblower based on how you feel about their lack of proper oversight, here is my
suggestion. Call the hotline 202-551-4790 and press 0 to leave a massage. Refer to the TIP, Complaint, or
Referral number TCR # 1422641796173 which is the number assigned to my submission and say whatever you believe
is appropriate to suggest that the department ought to revisit this matter as the evidence surely points in that
direction.
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