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.
2025-10-08T18:28:00Z By Adrianne Appel
Charlie Javice, a former CEO who duped JPMorgan Chase into purchasing her start up company for $175 million, has been ordered to forfeit more than $22 million by the Department of Justice (DOJ) and to spend 7 years in jail.
2025-10-07T16:08:00Z By Adrianne Appel
Georgia Tech Research Corp. (GTRC) has agreed to pay $875,000 to settle allegations first raised by two compliance officers that its cybersecurity protocols violated acceptable standards for defense contractors, the Department of Justice (DOJ) said.
2025-10-06T17:12:00Z By Adrianne Appel
Tractor Supply Company has agreed to get into compliance with California’s consumer privacy law and to pay a $1.35 million fine—the largest yet by California—to settle allegations it violated the privacy rights of customers and job applicants.
Site powered by Webvision Cloud