SEC, Morgan Stanley
Benefits Pro · 3d
Morgan Stanley to pay $15M SEC fine to settle 4 financial advisors’ theft charges
The financial services firm failed to detect “hundreds” of instances when former employees misappropriated client funds because it did not have a reasonable system in place, said the Securities and Exchange Commission.
Think Advisor · 4d
Morgan Stanley to Pay $15M Over Advisors Who Stole Millions From Clients: SEC
The Securities and Exchange Commission has ordered Morgan Stanley to pay $15 million for failures that allowed four of its former advisors to misappropriate millions of dollars from advisory client and brokerage customer accounts.
Compliance Week · 3d
SEC fines Morgan Stanley $15M to settle allegations of theft of client funds
A lack of supervision and internal controls at Morgan Stanley Smith Barney allowed four of its investment advisers to steal millions from customers before the behavior was detected, the SEC said in charging the firm.
InvestmentNews · 4d
Morgan Stanley Smith Barney fined $15M by SEC for inadequate supervision
Morgan Stanley Smith Barney was charged Monday with failing to reasonably supervise four of its advisors - Michael Carter, Chingyuan “Gary” Chang, Douglas McKelvey, and Jesus Rodriguez - who misappropriated almost $10 million in client funds through unauthorized wire transfers and automated clearing house payments.
Benzinga.com · 4d
Morgan Stanley Agrees To Pay $15M Penalty To Settle SEC Charges Over Advisors Stealing Client Funds
Morgan Stanley Smith Barney LLC has agreed to pay a $15 million penalty to settle Securities and Exchange Commission charges for failing to prevent four financial advisors from stealing millions in client funds,
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