By Adrianne Appel2024-12-10T18:35:00
A lack of supervision and internal controls at Morgan Stanley Smith Barney (MSSB) allowed four of its investment advisers to steal millions from customers before the behavior was detected, the SEC said Tuesday in charging the firm.
Federal laws make it illegal for investment advisers to remove money from their clients’ accounts without their express permission. Advisers are not permitted to move client funds into their personal accounts.
MSSB, which agreed to pay $15 million to settle the matter, also failed to adopt policies and procedures until December 2022 to prevent and discover thefts by employees, the SEC said.
2024-02-16T19:21:00Z By Aaron Nicodemus
Morgan Stanley will pay a $1.6 million fine levied by the Financial Industry Regulatory Authority for failing to close out certain municipal securities transactions over a five-year period.
2023-11-17T21:10:00Z By Adrianne Appel
Morgan Stanley agreed to pay $6.5 million as part of a settlement with six states requiring the firm to strengthen its data security after actions it took compromised the personal data of millions of customers.
2022-09-28T18:39:00Z By Aaron Nicodemus
Eleven banks, investment firms, and their affiliates will pay a total of more than $1.8 billion in fines for “widespread and longstanding failures” in monitoring, maintaining, and preserving electronic communications by employees.
2025-07-16T20:11:00Z By Oscar Gonzalez
Delta Air Lines agreed to pay $8.1 million over allegations it violated the False Claims Act by exceeding employee compensation limits it agreed to when taking federal pandemic aid money.
2025-07-15T20:11:00Z By Oscar Gonzalez
The U.S. Department of Justice (DOJ) and the Commodity Futures Trading Commission (CFTC) reportedly ended two investigations into Polymarket, a popular online crypto betting service that calls itself a “prediction market.” The move continues the Trump administration’s pro-crypt agenda.
2025-07-14T20:27:00Z By Oscar Gonzalez
The U.S. Federal Trade Commission said it has settled with telemedicine service Southern Health Solutions, Inc. over allegations the company used deceptive pricing and weight-loss claims, along with fake reviews and testimonials, to sell its weight-loss programs.
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