Morgan Stanley has been fined $1 million for allegedly failing to supervise around 780 retired advisers who received commissions under the company’s succession program, Investment News reports.
The Financial Industry Regulatory Authority (FINRA) asserts that from June 2009 to December 2011, Morgan Stanley paid around $100 million in commissions to the retired brokers without first ensuring that they were no longer soliciting securities transactions or advising clients.
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