Morgan Stanley Settles With SEC For $17M

Law360, New York (December 18, 2007, 12:00 AM EST) -- Morgan Stanley & Co. Inc. has agreed to pay $17 million to put to rest claims that it failed to reasonably supervise four financial advisers in order to prevent their fraudulent market-timing scheme in 2002 and 2003.

In an administrative proceeding, the financial services firm consented to a censure and an order to pay disgorgement and prejudgment interest, without admitting or denying the SEC's findings.

“Morgan Stanley is pleased to settle this matter involving the behavior of four financial advisors that occurred more than four years...
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