Morgan Stanley To Pay SEC $5M Over Wrap Fee Accounts
By Reenat Sinay (May 12, 2020, 10:59 AM EDT) -- Morgan Stanley Smith Barney LLC will fork over a $5 million fine to the U.S. Securities and Exchange Commission to resolve claims that it misled some retail investors about fees for brokerage services and investment advice, according to an administrative order filed Tuesday.
A Morgan Stanley unit has agreed to pay the SEC $5 million in fines over claims it misled retail investors about wrap fees. (AP Photo/Richard Drew) The SEC said that from October 2012 to June 2017, the Morgan Stanley wealth management unit was negligent in offering "incomplete and inaccurate information" to clients who had "wrap fee" accounts about...
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