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Morgan Stanley has agreed to pay a $15 million fine to settle charges brought by the U.S. Securities and Exchange Commission (SEC) for failing to prevent theft by advisers. The SEC alleges that four former employees of Morgan Stanley's Smith Barney unit stole millions of dollars from customer funds. The settlement comes amidst parallel actions by the Department of Justice (DOJ) and SEC against a former CIO indicted for a $600 million fraud.
Morgan Stanley, $MS, will pay $15 million to settle claims that its Smith Barney unit failed to prevent four former employees from stealing millions of dollars from customer funds, per Reuters.
SEC fines Morgan Stanley $15 million for theft by advisers
🚨MARKETS: SEC Charges Morgan Stanley For Failure To Prevent Theft of Investor Funds https://t.co/qtOIhl8pBN
