Advisor’s alleged fraud costs Morgan Stanley $3.6M in SEC penalty

The wirehouse is due to pay $3.6 million to SEC charges that it failed to detect or prevent fraud among its brokerage ranks.

Morgan Stanley, which has roughly 15,000 brokers, was cited by the regulator for lax oversight after one of its advisors allegedly misappropriated more than $5 million from client accounts for his own benefit. Read More