Wall Street powerhouse Morgan Stanley agreed on Tuesday to pay a $10 million civil fine to settle federal regulators' charges that it failed for years to maintain and enforce safeguards to prevent the misuse of inside information about companies whose securities are held in thousands of employee and employee-related accounts. Under the settlement, the SEC also censured Morgan Stanley, which agreed to hire a consultant to review its policies and practices for preventing misuse of confidential information.
June 28, 2006 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
Wall Street powerhouse Morgan Stanley on Tuesday agreed to pay a $10 million civil fine to settle federal regulators’ charges that it failed to maintain safeguards to prevent the misuse of inside information.
The Securities and Exchange Commission also censured Morgan Stanley under the settlement. The investment house neither admitted nor denied the SEC’s allegations but did agree to refrain from future violations of the securities laws.
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