By
Aaron Nicodemus2025-05-08T21:43:00
A decision by the Securities and Exchange Commission (SEC) to close an investigation into the cash sweep program at Morgan Stanley may affect decision-making at other financial institutions under similar scrutiny.
The SEC informed Morgan Stanley in March that it had closed its investigation into the firm’s cash sweep program without recommending an enforcement action, Morgan Stanley disclosed in a 10-Q Monday.
When contacted, a Morgan Stanley spokesperson said the firm had no additional comment. Morgan Stanley had previously disclosed the existence of the SEC investigation in August 2024.
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Wells Fargo and Merrill Lynch will pay $35 million and $25 million, respectively, to settle allegations by the Securities and Exchange Commission that their handling of investment accounts’ cash sweep programs violated federal law.
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Wells Fargo disclosed it is under investigation by the Securities and Exchange Commission regarding cash sweep options it provides to new investment advisory clients.
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It has been nearly six months now since the Department of Justice’s (DOJ) Criminal Division released its memorandum on the selection of compliance monitors. This article provides a critical analysis of the monitorships that received early terminations, those that remain in place, and the broader compliance lessons they impart.
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The founder of crypto exchange Binance, Changpeng Zhao, received a pardon from President Donald Trump. This pardon comes almost two years after Zhao signed a plea agreement and was sentenced to a four-month prison sentence.
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